Distributed solar firm Fourth Partner Energy has announced it has raised US$ 15 million (INR 110 crore) in debt funding from Switzerland-based asset manager responsAbility Investments.
This marks the third round of funding by responsAbility into Fourth Partner Energy through its dedicated climate finance funds. responsAbility earlier deployed two rounds of financing to Fourth Partner Energy in 2016 and 2017.
The developer, founded in 2010, will utilize the funding towards construction of upcoming projects for its clients. It aims to add around 350 MW capacity across both open-access and distributed solar portfolios this fiscal year 2020-21.
Pradhyum Reddy, who led this transaction from Fourth Partner Energy, explained, “In our tenth year of operations, we are looking to add capacity of close to 350 MW across both distributed solar and open access portfolios. We are building solar parks in Maharashtra, Tamil Nadu and Uttar Pradesh.”
“Market sentiment for solar solutions is robust. At Fourth Partner Energy, we believe our value proposition of cost-savings on electricity and low-carbon emissions has been amplified during this global pandemic. This third line of credit from responsAbility reflects their confidence in our industry expertise… We will be using these funds towards constructing new assets for our marquee customers.”
Founded in 2010, Fourth Partner Energy has grown to become one of India’s largest companies in the distributed solar sector. Today, the company manages over 400 MW of assets for over 150 clients in India.
ResponsAbility’s ‘Access to Clean Power Fund’ is a private debt fund that seeks to address the lack of access to clean power globally, with a strong focus on Sub-Saharan Africa, South and Southeast Asia. The fund targets companies that provide solutions to households without electricity and businesses looking for cleaner, cheaper, and more reliable energy. Besides financing the dynamic off-grid energy sector, the Fund will also actively address the solar potential for the commercial and industrial sector.
Talking about this transaction, Sameer Tirkar, Principal Climate Finance for responsAbility, added, “We believe strong partnerships can lower the barriers to green financing. We are bullish on the potential of India’s solar sector, especially adoption by commercial and industrial off-takers who will be looking to minimise operational costs, now more than ever before.”
Fourth Partner Energy commenced international operations in FY20, with South and South East Asia being focus markets. The company has also forayed into solar-powered electric vehicle (EV) charging infrastructure through its 50:50 joint venture with leading commercial EV fleet operator, Lithium Urban Technologies.
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