Renewables power services company, Fourth Partner Energy, which focuses on financing and building solar rooftop projects, has raised INR 250 crore/$33.6 million as a mezzanine investment from CDC Group, a British development finance agency.
217 megawatts (MW) of new renewables capacity will be backed by the company in India, with the primary goal of phasing out the dependency on thermal power and avoiding the 258,000 tonnes of annual Carbon-dioxide emissions.
Founded by Saif Dhorajiwala, Vivek Subramanian, and Vikas Saluguti in 2010, Fourth Partner Energy offers planning, design, construction, maintenance, and operation services for solar energy plants. The company manages a 550 MW portfolio and has commenced its operations across Vietnam, Sri Lanka, and Bangladesh, thus stepping into the international markets. Earlier, in March 2020, it ventured into the solar-powered EV charging infrastructure business in collaboration with Lithium Urban Technologies, a commercial EV fleet operator.
Fourth Partner Energy has tied up with energy major Indika Energy in Indonesia, to offer corporates a solar energy-based solution. In September 2020, the firm mopped up $16 million in financing from an entire panel of investment funds led by Symbiotics, a Geneva-based company for impact investing.
The renewables vertical has seen some large transactions recently, especially in the solar energy domain. In early April, Radiance Renewables invested INR 536.5 Crore to acquire solar rooftop assets of 152.5 MW capacity. The National Investment and Infrastructure Fund (NIIF), led a $390 million funding round back in December 2020, in a company called Ayana Renewable Power.