ADB funds Rs 1.2 billion loan for Fourth Partner Energy

29 Aug 2023 CW Team

Fourth Partner Energy has sealed an agreement with the Asian Development Bank (ADB) to secure a Rs 1.2 billion long-term loan for the construction and operation of a 25 MW solar open access project in Tamil Nadu's Tirunelveli district. The project will supply clean and economical solar energy to Fourth Partner Energy's commercial and industrial (C&I) clients, with an estimated annual electricity generation of 50.7 GWh.

By averting approximately 41,700 tonnes of carbon dioxide emissions annually, the project aids in mitigating the environmental impact that conventional fossil fuel power initiatives would have caused.

Suzanne Gaboury, ADB's Director General of the Private Sector Operations Department, emphasised the significance of open access energy procurement in achieving net-zero emissions goals. ADB's support to such initiatives helps advance renewable energy adoption across the region, contributing to sectoral decarbonisation.

ADB has been a proactive advocate for renewable energy growth in India. It started by funding early wind projects under the independent power producer model and has continued its involvement in solar independent power producer financing through alignment with national and state-level policies.

In line with its commitment to combat climate change, ADB introduced a financing program for the Asia Pacific region earlier this year.

Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy, expressed excitement about the partnership with ADB, supporting their ambitious renewable energy target of 3.5 GW by 2025. The company is also progressing with solar and wind parks in Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu.

Recent investments, including one from Norfund and another from the International Finance Corporation, reflect Fourth Partner Energy's commitment to expand its renewable project footprint and contribute to India's clean energy goals.

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