U.Ok.’s growth finance establishment CDC Group is investing ₹250 crore in solar vitality firm Fourth Partner Energy.
The capital will probably be in the type of non-convertible debentures. The mezzanine capital will probably be deployed in rising its renewable-solutions platform throughout India and South Asia, an announcement from Fourth Partner Energy mentioned.
Managing Director and Head of Asia at CDC Srini Nagarajan mentioned “we have been building scale in the renewable power sector and this investment into Fourth Partner Energy, on the distributed solar side of the sector, is a strategic investment that further enhances India’s renewable power capacity.”
Fourth Partner Energy manages a portfolio of 550 MW throughout its distributed and open-access solar portfolios. It has commenced operations throughout Sri Lanka, Bangladesh and Vietnam and shaped a three way partnership in Indonesia.
Co-founder and government director at Fourth Partner Energy Vivek Subramanian mentioned the three GW solar capability goal by 2025 that the firm is pursuing meant considerably scaling up the present portfolio whereas rising the battery storage, vitality buying and selling and EV charging capabilities. “A long-term and patient capital provider like CDC fits perfectly into 4PEL’s financing ecosystem,” he mentioned.
The funding marks CDC’s foray into India’s industrial and industrial (C&I) solar phase. For Fourth Partner Energy, that is its first main spherical of fund-raising in 2021. The launch mentioned CDC’s funding will help India’s clear vitality transition and allow provision of cleaner vitality to companies. It will fund roughly 217 megawatts greenfield renewable energy era in India, to displace primarily thermal energy era, avoiding 258k tonnes of annual CO2 emissions.
In 2020, Fourth Partner Energy had secured a ₹110 crore ($15 million) spherical of funding from Swiss local weather motion fund ResponsAbility and a ₹126 crore ($16 million) funding from a consortium of European lenders, led by Symbiotics, the discharge mentioned.
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