Fourth Partner Energy Raises $16 Mn to Construct New Solar Assets of 150 MW

In a second round of funding this year, Hyderabad-based distributed solar player, Fourth Partner Energy has raised USD 16 million (~ Rs 126 crore) in mezzanine funding from Symbiotics-led consortium of European impact investment funds.

September 17, 2020. By Manu Tayal

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In a second round of funding this year, Hyderabad-based distributed solar player, Fourth Partner Energy has raised USD 16 million (~ Rs 126 crore) in mezzanine funding from Symbiotics-led consortium of European impact investment funds.

The company said that it will utilise these funds towards construction of around 150 MW worth of new solar assets.

Earlier in June this fiscal, the company announced USD 15 million pumped in by responsAbility Investments A.G.

Symbiotics, a leading market-access platform for impact investing, has arranged for the issuance of this bond in partnership with Netherland’s sustainable banking majors, Triodos Bank and ASN Bank. This bond marks the consortium’s foray into India’s commercial solar sector.

Commenting on the deal, Pradhyum Reddy, Head - Corporate Finance at Fourth Partner Energy said, “this line of credit from marquee impact investors like Symbiotics, Triodos and ASN is testament to the role of Commercial & Industrial customers driving the transition to clean energy. At Fourth Partner Energy, we are working hard to bring into India high quality global financiers committed to the long-term impact of distributed solar. We have a very healthy order book, and these two rounds of funding in quick succession, in what has otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments. We will be utilising these funds for expanding our distributed solar footprint. We are delighted to welcome Symbiotics, Triodos and ASN as our Fourth Partners!” 

“The issuance of this bond is fully aligned to Symbiotics’ mission to foster sustainable development and wider adoption of green energy in emerging and frontier economies. We are excited to nurture and selectively grow this segment even further in India with the disbursal of this local currency loan to Fourth Partner Energy,” commented Daniel Schriber, Head of Investments at Symbiotics.

Fourth Partner Energy has an operational portfolio of 400 MW of solar assets currently and is looking to add close to 350 MW of capacity this fiscal. The company is also constructing solar parks across Uttar Pradesh, Maharashtra and Tamil Nadu as part of its Open Access portfolio.

“C&I rooftop solar has vast potential in India. The country hit hard by the COVID-19 crisis. It is crucial that local private companies continue to develop their business. In order to do so, foreign direct investments are essential. Medium, Small and Micro Enterprises, the backbone of the Indian economy, are likely to adopt solar energy at a large scale in the coming years as it is a cleaner and cheaper renewable energy alternative and provides tariff certainty for up to 25 years. We are proud to be co-investors in this innovative, solar PV financing for Fourth Partner Energy,” said Rosemarijn van der Meij, Fund Manager, ASN Groenprojectenfonds.

Gerrit-Jan Brunink, Senior Investment Manager, Energy & Climate at Triodos added,distributed energy is expected to play an important role in the energy transition and Triodos is determined to expand and work with this team as trusted partners to promote renewable energy, combining impact and solid returns.”

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