Fourth Partner Energy (FPEL) has successfully raised $275 million from a consortium of global impact investors, including the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Germany’s DEG.
The funds will facilitate FPEL’s growth strategy and the company seeks to gain the 3.5 GW renewable energy capacity by 2026.
This quarter, FPEL will start the first part of its 575 MW wind-solar hybrid project in Karnataka. The company already has 1.5 GW of green assets installed. IFC is putting in $125 million, ADB is adding in $100 million, and DEG is investing in $50 million.
While addressing the situation, Vivek Subramanian, Co-founder & Executive Director of FPEL stated that the received investment proves that FPEL is characterised by the best technical solutions, ESG compliance, and high commercial potential. The funds will expand FPEL’s renewable energy portfolio and assist India in transitioning to renewable energy, it plans to deliver affordable clean power to commercial and industrial consumers.
Since the renewables sector of India is attracting a lot of investment this funding is in line with the country’s plans for clean energy.
FPEL is also progressing other ventures in Maharashtra, Uttar Pradesh, Tamil Nadu and Gujarat and its clients list includes Walmart, Unilever and Tata Motors.
