Norfund Spends Rs 350 Crore in the Fourth Partner Energy

Norfund, a Norwegian fund for investment in developing countries, has announced a fresh investment of Rs 350 crore into India’s leading green energy solutions platform, Fourth Partner Energy (4PEL). This is the second round of equity infusion by Norfund into the company. The investment follows Norfund’s initial $ 100 million investment in June 2021. Anders Blom, Vice President at Norfund, expressed excitement about the additional investment, stating that the two firms already started producing wind energy in Gujarat and developed hybrid parks in Tamil Nadu and Karnataka. 

He mentioned that Fourth Partner Energy’s asset base has grown from 550 MW in 2021 to 1.35 GW currently, as the company aims to reach a 3.5 GW asset portfolio target by 2025. Vivek Subramanian, co-founder and executive director at Fourth Partner Energy, highlighted the transformative phase of India’s green energy ecosystem. He mentioned the commitment of lenders like BII, OikoCredit, responsAbility, SBI, IREDA, and TCCL on the debt side. Subramanian also shared that Fourth Partner Energy has secured project finance of Rs 560 crore from IFC for the execution of 90 MW of rooftop solar assets across India.

In addition, the company has obtained $9 million from responsibility for business expansion in Indonesia. They have also received funding from the Swiss Climate Action fund for their Indonesian operations. This investment from Norfund will support Fourth Partner Energy’s business expansion plans and contribute to the growth of renewable energy solutions in India.