Noida-based packaged snacks manufacturer DFM Foods announced that they have invested ₹9.6 million (~$130,672) to acquire 5.57% equity shares in Belenus Solar Private Limited, a special purpose vehicle of Fourth Partner Energy, a distributed solar company.

“Fourth Partner Energy is excited and proud to tie up with India’s leading snacks manufacturer DFM foods to provide low-cost, low-carbon solar power to their manufacturing unit in Uttar Pradesh. We are committed to providing DFM 3 MW of power via the group-captive Open Access route through our solar park in Sitapur. Uttar Pradesh is becoming a hub for industries and commercial organizations ranging from food to cement, agriculture to electronics, chemicals to textiles. To ensure this growth is powered by green energy, Fourth Partner is committed to serving the C&I sector in the state with cleaner, cheaper power. We are constructing three solar parks in Saharanpur, Sitapur, and Jhansi with a cumulative capacity of 220 MW to service the industries here,” added Jay Kumar Waghela, Head – Business Development, North & East, Fourth Partner Energy.

Infinia Solar associated with Fourth Partner Energy as a business development advisory for this transaction. This is Infinia’s second open access transaction in Uttar Pradesh, after having served ~10 MW earlier to a beverages company. Infinia Solar as a solar business developer has closed over 30 MW open access and rooftop solar solutions across over 10 transactions in Uttar Pradesh, Haryana, Rajasthan and Maharashtra.

DFM in its filing announced that the shares will be acquired within three months of signing the power purchase agreement.

Belenus Solar is engaged in generating electricity through renewable energy sources and the sale of such power to corporate entities.

Since Belenus is newly incorporated, it has not generated revenue from business for the financial year 2019-20.

Belenus owns and operates a solar project for captive consumption at Biswan village, Sitapur, Uttar Pradesh.

Earlier, Fourth Partner Energy had secured a ₹1.26 billion (~$17.4 million) investment through a bond issued by Symbiotics, exclusively used to finance renewable energy projects. The company also raised $15 million (~₹1.1 billion) in debt funding from responsAbility, a Switzerland-based development asset manager. Earlier, the Bank of America had also announced its plans to lend ₹3.56 billion (~$50 million) to Fourth Partner Energy through a local currency revolving credit facility.

In 2020, the company received a loan of ₹5 million (~$67,167), from Grameen Impact India (GIII), a non-banking finance corporation (NBFC) registered under the Reserve Bank of India (RBI), towards its Power@1 program for 18 months. Through the Power@1 program, Fourth Partner Energy aims to provide electricity to non-profit organizations like government schools, rural hospitals, and others at a rate of ₹1 (~$0.013)/kWh.

According to Mercom’s India Solar Market Leaderboard 2021, Fourth Partner Energy was one of the top three rooftop installers in India in the calendar year 2020. The three top installers accounted for almost 40% of the total rooftop installations in India in 2020.