Norfund's Rs 3.5 billion investment in Fourth Partner Energy

14 Aug 2023 CW Team

According to the official press release, it was stated that this marked the second round of equity infusion into the company by Norfund. This followed their previous investment of $100 million in June 2021.

Anders Blom, the Vice President at Norfund, expressed the organization's enthusiasm about injecting an additional Rs 3.5 billion into 4PEL. He mentioned that this move was in line with the company's progress towards achieving its target of a 3.5 GW asset portfolio by 2025.

Blom further added that the two firms had jointly initiated wind power generation activities in Gujarat, along with the development of hybrid parks in Tamil Nadu and Karnataka. He also pointed out that the company had experienced substantial growth, expanding its asset base from 550 MW in 2021 to its current capacity of 1.35 GW.

Vivek Subramanian, who is the co-founder and executive director at Fourth Partner Energy, remarked that India's green energy ecosystem was undergoing a transformative phase.

In terms of debt arrangements, Subramanian mentioned that several lenders, including BII, OikoCredit, responsAbility, SBI, IREDA, and TCCL, had reaffirmed their commitment. He revealed that Fourth Partner had secured Rs 5.6 billion as project finance from IFC to support the execution of 90 MW of rooftop solar assets across India, in addition to a 75 MW solar park in Atharga, Karnataka.

Subramanian also highlighted the company's international ventures, stating that they had raised $9 million from responsibility for business expansion in Indonesia. He also mentioned securing the fourth tranche from the Swiss Climate Action fund, marking the first for their operations in Indonesia.

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Norwegian investment fund for developing countries, Norfund, announced that it was making a fresh investment of Rs 3.5 billion into Fourth Partner Energy (4PEL), India's leading renewable energy solutions platform.According to the official press release, it was stated that this marked the second round of equity infusion into the company by Norfund. This followed their previous investment of $100 million in June 2021.Anders Blom, the Vice President at Norfund, expressed the organization's enthusiasm about injecting an additional Rs 3.5 billion into 4PEL. He mentioned that this move was in line with the company's progress towards achieving its target of a 3.5 GW asset portfolio by 2025.Blom further added that the two firms had jointly initiated wind power generation activities in Gujarat, along with the development of hybrid parks in Tamil Nadu and Karnataka. He also pointed out that the company had experienced substantial growth, expanding its asset base from 550 MW in 2021 to its current capacity of 1.35 GW.Vivek Subramanian, who is the co-founder and executive director at Fourth Partner Energy, remarked that India's green energy ecosystem was undergoing a transformative phase.In terms of debt arrangements, Subramanian mentioned that several lenders, including BII, OikoCredit, responsAbility, SBI, IREDA, and TCCL, had reaffirmed their commitment. He revealed that Fourth Partner had secured Rs 5.6 billion as project finance from IFC to support the execution of 90 MW of rooftop solar assets across India, in addition to a 75 MW solar park in Atharga, Karnataka.Subramanian also highlighted the company's international ventures, stating that they had raised $9 million from responsibility for business expansion in Indonesia. He also mentioned securing the fourth tranche from the Swiss Climate Action fund, marking the first for their operations in Indonesia.Also read: Taylormade Renewables gets Rs 1.59 bn order from Andhra Pradesh India revamping energy codes for sustainablebuildings

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