Fourth Partner Energy Raises $125M From Norfund And The Rise Fund
- ByStartupStory | June 30, 2021
Hyderabad-based Fourth Partner Energy has raised $125 million in equity funding from Norfund – the Norwegian Investment Fund – and existing shareholder The Rise Fund, TPG’s global impact investing platform. Norfund’s maiden investment of $100 million lead it to India’s leading solar energy company moreover, The Rise fund is investing an additional amount of $25 million into Fourth Partner Energy, after it’s prior investment of $70 million in July 2018.
The company is now strengthening its onsite and offsite solar presence in the subcontinent, as well as key markets across South and Southeast Asia. The company said it is targeting 3 GW of installed solar capacity by 2025, and expansion of capabilities across energy storage, EV charging infrastructure.
“Norfund is an established, long term, institutional investor with a strong global clean energy portfolio, committed to driving impact. We are keen on leveraging this round of funding and their expertise to further cement our leadership position.”- said by Vivek Subramanian, Co-founder and Executive Director at Fourth Partner Energy
The company has secured a $33 million funding from the CDC Group, prior to which in 2020, the company announced a $16 million investment from a consortium of European lenders, led by Symbiotics and a $15 million round of funding from Swiss climate action fund responsibility.
“Since our initial investment, Fourth Partner has built a world-class team that consistently delivers strong fundamentals while focusing on high quality customers and carbon aversion. We are excited to be investing additional capital into this platform and continuing to build an industry leading distributed solar energy business in India,” said Ankur Thadani, Business Unit Partner at The Rise Fund.
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