Hinduja Renewables competes to acquire portion of Fourth Partner Energy

02 Feb 2023 CW Team

Hinduja Renewables, the Hinduja Group's green energy division, has entered the bidding for Fourth Partner Energy's majority stake.

In addition to Hindujas, Brookfield Asset Management Inc., Ontario Municipal Employees' Retirement System (OMERS), and US fund I Squared Capital are also shortlisted for the next round.

The deal entails purchasing the 52% share held by Hyderabad-based Fourth Partner Energy from private equity company TPG Capital for Rs 53 billion, with additional primary capital infusion.

TPG Capital owns 52% of Fourth Partner through its impact investment division, The Rise Fund SF Pte. The Rise Fund bought a controlling interest in Fourth Partner Energy in 2018 after making a $70 million investment. Together with the other partner Norfund, TPG spent a total of Rs 12.47 billion. Fourth Partner Energy is India's top distributed solar energy company, specialising in developing and financing solar projects across the private and public sectors for commercial, industrial, and institutional entities. The company was founded by three partners in 2010 as a solar products and EPC company. For around 200 corporate and governmental clients, it has carried out and distributed solar projects with a combined capacity of 950 MW across 24 states in India.

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