CDC Group, the UK's development finance institution (DFI), has invested ₹250 crore in Fourth Partner Energy through non-convertible debentures (NCDs) to facailitate the latter’s expansion plan.

Fourth Partner Energy, a solar energy company, will deploy this mezzanine capital towards growing its renewable solutions platform across India and South Asia.

CDC’s investment will support India’s clean energy transition and enable provision of cleaner energy to businesses. It will fund approximately 217 megawatts (MW) greenfield renewable power generation in India. This will catalyse growth of the sector by helping to accelerate uptake of renewable energy by corporates at a quicker pace.

Srini Nagarajan, Managing Director and Head of Asia at CDC, said: “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.”

Vivek Subramanian, Co-founder and Executive Director at Fourth Partner Energy, said, “We currently have an aggressive target to achieve 3GW of solar capacity across all our verticals by 2025. This will mean significantly scaling up our current portfolio while growing our battery storage, energy trading and EV charging capabilities. India’s solar segment is growing exponentially, driven by strong sustainability mandates from all corporates.”

“CDC’s funding, guidance and sustainability expertise will pave the way for the company to leverage and grow our dominant position in this market.”

Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. The company has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, 4PEL has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.

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