Macquarie Asset Management is in advanced talks to acquire a controlling stake in Fourth Partner Energy at an enterprise value of around two billion US dollars (two bn) or approximately Rs 19,006 crore (190.06 bn). The transaction could value the company’s equity at about one billion US dollars (one bn). Macquarie is expected to acquire nearly 96 per cent by purchasing the holdings of existing institutional investors.

Founders Saif Dhorajiwala and Vivek Subramanian are expected to retain a combined four per cent and continue to manage the business. Indian Oil Corporation had also emerged as a contender during the process. Ownership is dominated by institutions: Norfund holds around 30 per cent, TPG Rise Fund about 10 per cent, and IFC, ADB and DEG together roughly 55 per cent.

Fourth Partner Energy develops, owns and finances renewable energy assets for commercial and industrial customers and serves clients such as Tata Motors, Hyundai, ITC, Nestle, TCS, Wipro and UltraTech Cement. The company has commissioned more than three point six gigawatt (GW) of renewable capacity, has over 800 megawatt (MW) of wind?solar hybrid projects under development and battery energy storage projects totalling more than 50 MW. The firm targets nine GW of capacity by 2031.

In prior funding rounds a consortium comprising IFC, ADB and DEG invested 275 million US dollars (275 mn) in 2024, and the company earlier raised 70 million from Symbiotics, taking that round to 95 million. Consolidated revenue rose 37 per cent to 101.7 million US dollars (101.7 mn) in FY25 from 75.6 million in FY24, while earnings before interest, taxes, depreciation and amortisation more than doubled to 56 million (56 mn) from 25.3 million. The company reported a net loss of 32.5 million (32.5 mn) in FY25, narrower than the 41.9 million loss the year before. The commercial and industrial renewable segment is expected to register annual capacity additions of five to seven GW by FY28.