Fourth Partner Energy Ltd (FPEL) has raised $275 million from the International Financial Corporation (IFC), Asian Development Bank (ADB), and German Investment Corporation (DEG) to support its goal of 3.5 GW renewable energy capacity by 2026.
The funding breakdown includes $125 million from IFC, $100 million from ADB, and $50 million from DEG. This investment will bolster FPEL’s current 1.5 GW portfolio and help commission a 575 MW wind-solar hybrid project in Karnataka later this quarter.
FPEL Co-founder and Executive Director Vivek Subramanian highlighted the company’s focus on commercial viability and growth, welcoming the new partners alongside existing investors like Norfund and TPG. He emphasized FPEL’s role in driving sustainable energy solutions and supporting businesses’ RE100 goals.
IFC’s Regional Director for South Asia, Imad N Fakhoury, stressed the importance of reducing the energy sector’s carbon footprint to achieve India’s green ambitions. ADB Director General Suzanne Gaboury noted that ADB’s investment includes $70 million from capital resources and $30 million from the LEAP 2 fund, aiming to provide C&I users with clean energy.
Monica Beck from DEG’s managing board commended FPEL’s growth in renewable energy, positioning it as a key player in India’s energy transition. FPEL is also developing an additional 1.2 GW of open access projects across various states, focusing on ISTS, on-site solar, and battery storage.
Norfund remains the largest investor in FPEL, with investments totalling $145 million in 2021 and 2023.