Fourth Partner Energy Private Limited (FPEL) has successfully closed a Rs 7.8 billion refinancing deal for the majority of its rooftop solar portfolio. The funding was secured from NIIF Infrastructure Finance Limited (NIIF IFL), an infrastructure debt fund that provides sustainable financing for operational infrastructure assets across India.

FPEL operates one of India’s largest rooftop solar portfolios, with 370 megawatts (MW) of installed capacity across 24 states. Its clean energy solutions power major corporates such as Hindustan Unilever Limited (HUL), D-Mart, Ultratech, Walmart, Hyundai, Colorcon, and Tata Consultancy Services (TCS), contributing to India’s corporate decarbonisation goals.

According to Jignasa Jani Visaria, Head – Renewable Capital at Fourth Partner Energy, the refinancing marks a major milestone for the company and reinforces its commitment to sustainable growth. “Our objective was to identify a single financial institution to refinance our entire rooftop portfolio, and NIIF IFL emerged as the ideal partner due to its deep expertise in infrastructure finance and prior collaboration with us,” she said.

Visaria added that NIIF IFL’s understanding of FPEL’s distributed generation business model, regulatory challenges, and diversified portfolio mix made the process seamless. “The refinancing solution offered by NIIF IFL is both innovative and unprecedented in India’s distributed solar generation sector. The transaction was completed within weeks, showcasing the agility and expertise of both teams. This partnership reaffirms our leadership in the rooftop and distributed solar space,” she noted.

Sourabh Shrivastava, Director – Business at NIIF IFL, emphasised the fund’s role in supporting India’s clean energy transition through innovative financing. “This transaction posed unique challenges due to the size and diversity of FPEL’s project sites, off-takers, and power purchase agreements. We structured a customised debt solution for this niche segment, which plays a vital role in India’s renewable energy ecosystem,” he said.

Beyond rooftop solar, FPEL has developed a diversified renewable energy portfolio. It has commissioned over 1.2 gigawatts (GW) of projects under the open-access model and is currently developing more than 800 MW of wind-solar hybrid projects. The company has also deployed over 50 megawatt-hours (MWh) of Battery Energy Storage Systems (BESS) to deliver round-the-clock clean energy to clients.

All FPEL projects are operated through an in-house, AI-enabled energy management platform that enables real-time monitoring and performance optimisation. The company plans to expand its total installed capacity to 9 GW by 2031, solidifying its position as one of India’s leading integrated renewable energy platforms.

Earlier this year, FPEL raised $275 million (around Rs 23 billion) in equity funding from the International Finance Corporation (IFC), the Asian Development Bank (ADB), and DEG, strengthening its capital base for future growth.

The refinancing agreement with NIIF IFL not only enhances FPEL’s financial flexibility but also signals growing investor confidence in India’s renewable energy and distributed solar markets. The deal stands as a benchmark for innovative financing models supporting India’s transition to a cleaner, more resilient energy future.