Fourth Partner Energy Secures INR 780 Crore Refinancing from NIIF IFL for Its Rooftop Solar Portfolio
Fourth Partner Energy has secured INR 780 crore in refinancing from NIIF Infrastructure Finance for its rooftop solar portfolio in India.
November 03, 2025. By Mrinmoy Dey
FPEL currently has an operational rooftop solar portfolio of 370 MW across 24 States in India, supplying clean energy to corporates across sectors like HUL, D-Mart, Ultratech, Walmart, Hyundai, Colorcon and TCS, the company said in a statement.
Commenting on the development, Jignasa Jani Visaria, Head - Renewable Capital at Fourth Partner Energy, said, “FPEL's strategy was to identify a single lender for our entire rooftop solar portfolio and NIIF IFL was our first choice given their expertise in infrastructure financing and our experience with them. The team at NIIF IFL was quick to understand the contours of FPEL's rooftop portfolio including regulatory framework, business model and diversified nature of the projects. The refinancing solution provided by NIIF IFL is innovative and a first-of-its-kind in the distributed generation sector; it was turned around in just weeks.”
Sourabh Shrivastava, Director – Business at NIIF IFL, added, “The current transaction presented its own set of challenges arising out of the sheer volume of project sites, off-takers, PPAs and applicable regulations. As a testament to our solution-oriented approach, the current debt solution was meticulously structured for a niche segment that has a crucial role to play in India’s energy transition journey. This collaboration with Fourth Partner Energy demonstrates our unwavering commitment to sustainability and belief in transformative potential of India’s renewable energy space.”
Apart from its rooftop solar portfolio, FPEL has commissioned over 1.2 GW of clean energy projects under the open access route and is currently developing over 800 MW of wind solar hybrid power projects – establishing itself as a leading integrated renewable energy solutions platform, the company stated.
The company has also successfully executed Battery Energy Storage Systems (BESS) projects of over 50 MWh capacity, to cater to corporates seeking Round-the-Clock firm power. All of its assets are managed by an in-house, AI-backed energy management system.
“FPEL is also targeting to grow its installed base to 9 GW by 2031 and closed a round of equity funding of USD 275 Mn with IFC, ADB and DEG earlier this year,” the company said.
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