Distributed solar company, Fourth Partner Energy has raised $125 million in equity funding.  Norwegian Investment Fund Norfund has brought in $100 million while existing shareholder the Rise Fund has invested $25 million. The Rise Fund is a global impact investment fund managed by TPG (formerly Texas Pacific Group).

This is Norfund’s first investment in Fourth Partner Energy, while the Rise Fund had earlier infused $70 million in the company in July 2018.

Investec Capital Services India, Shardul Amarchand Mangaldas, and Dua & Associates were advisors to Fourth Partner Energy and TPG for this transaction. Avendus Capital and Cyril Amarchand Mangaldas advised Norfund in this deal.

Fourth Partner had recently raised ₹2.5 billion (~$33.44 million) in mezzanine funding from the CDC Group, a U.K. government-owned financial development institution. The company planned to deploy the funds towards growing its renewable solutions platform across India and South Asia.

Vivek Subramanian, Co-Founder and Executive Director at Fourth Partner Energy, said, “We are keen on leveraging this round of funding and Norfund’s expertise to further cement our leadership position. Our transformational relationship with TPG’s Rise Fund has enabled us to partner with environmental, social, and governance (ESG)-centric financiers like Norfund.”

Fourth Partner Energy aims to strengthen its onsite and offsite solar presence in India and key markets across South and Southeast Asia. The company targets 3 GW of installed solar capacity by 2025 and expanding capabilities across energy storage and electric vehicle charging infrastructure.

Elaborating on Norfund’s move to invest in the Indian clean energy space, Anders Blom, Vice President at the financial institute, said, “Fourth Partner Energy is enabling decarbonization of the commercial and industrial sector is one of the most pivotal global markets. We are thrilled to partner with a business that adheres to high standards of ESG norms.”

Fourth Partner Energy has earlier secured ₹1.26 billion (~$17.4 million) from Symbiotics, an investment firm that issued its first bond and the proceeds were 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 to construct new solar assets across the company’s open access and distributed solar portfolios.

Based in Hyderabad, Fourth Partner has a 550 MW portfolio across its distributed and open access solar portfolios. The company has commenced operations in Sri Lanka, Bangladesh, and Vietnam. In Indonesia, it has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.