Fourth Partner Energy obtains funding worth Rs. 250 crore from UK’s CDC Group
Hyderabad-based solar energy company Fourth Partner Energy has announced that it has obtained Rs 250 crore investment from UK's development finance institution, CDC Group.
It said that the capital would be utilized towards developing its renewable solutions platform across India and South Asia.
As per the press release, CDC's investment will fund about 217 megawatts (MW) of greenfield renewable power generation in India, avoiding 258,000 tonnes of annual CO2 emissions.
"We at present have a target to achieve 3 GW of solar capacity across all our verticals by 2025. This will mean considerably scaling up our current portfolio while also growing our battery storage, energy trading, and EV charging capabilities. CDC's funding will pave the way for the company to grow...," said Vivek Subramanian, Co-Founder and Executive Director at Fourth Partner Energy.
The solar company has a portfolio of 550 MW across its distributed and open access portfolios and has commenced operations across Sri Lanka, Bangladesh and Vietnam.
This funding also marks CDC's venture in to India's commercial and industrial solar segment and Fourth Partner Energy's first major round of fundraising in 2021.
"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," said Srini Nagarajan, Managing Director and Head of Asia at CDC.