Aboitiz Power in talks for majority stake in Fourth Partner Energy
Author: PPD Team Date: February 25, 2026
Philippines-based Aboitiz Power is in advanced talks to acquire a majority stake in Hyderabad-based renewable energy firm Fourth Partner Energy, according to sources. The proposed deal could be among the largest recent foreign acquisitions in India’s commercial and industrial (C&I) renewable segment.
The transaction would allow early investors to partially exit. Current backers include TPG Rise, Norfund, the Asian Development Bank (ADB), the International Finance Corporation (IFC), and DEG, which have invested Rs 4,031 crore since 2019. Stake size and valuation remain undisclosed.
Aboitiz Power is negotiating independently and may partner with another new investor. The company is the Philippines’ second-largest power generation and distribution utility, reporting annual revenue of about USD 3.5 billion.
Fourth Partner Energy was founded by Saif Dhorajwala and Vivek Subramanian, formerly of Arigo Capital. The company has built a 1.5 GW renewable portfolio serving commercial and industrial clients including Akzonobel, Dr Reddy’s, Hyundai, ITC, Nestle, and D’Mart.
The company operates in Vietnam, Indonesia, Bangladesh, and Sri Lanka and targets 95 GW of renewable capacity by 2031.
The potential deal reflects continued momentum in India’s C&I renewable market, driven by corporate decarbonisation goals and cost management. India’s plan to add 50 GW of renewable capacity annually through 2030, including demand from data centres, is drawing foreign capital.
Recent transactions include Inox Clean Energy acquiring Vibrant Energy from Macquarie for about Rs 200 million, ArcelorMittal committing an additional USD 800 million to Indian green power projects, and Sembcorp acquiring renewable assets from ReNew Power.
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