Distributed solar company Fourth Partner Energy announced that it has acquired distributed solar portfolio with an 8.9 MWdc capacity from Statkraft India. Of this capacity, 5 MW is an open access solar project and the rest is rooftop solar.

The company said its first acquisition in this fiscal year is in line with its capacity expansion plans. Through the acquisition, it aims to acquire 100 MW of installed solar capacity in this fiscal year.

The company said it is growing its onsite and offsite solar footprint in the subcontinent and across key markets in South and Southeast Asia. In addition, it aims to have 3 GW installed solar capacity by 2025.

Speaking about the acquisition, Aditya Gupta, Head – Asset Acquisition, Fourth Partner Energy, said, “Acquiring good quality assets backed by strong off-takers is a key focus area for the company as we cement our leadership position, and this portfolio is a natural fit. We believe the distributed solar market is ripe for consolidation, with assets switching hands at a rapid pace, especially in the era of the pandemic.”

“We thoroughly scrutinize build quality, historical generation, and bankability of solar projects before adding them to our asset base. Our team is well armored in terms of financing and capabilities onboard a larger portfolio and is looking to add close to a 100 MW of installed capacity this fiscal year via the acquisition route,” Gupta added.

According to Fourth Partner Energy, it has a portfolio of 550 MW across its distributed and open access solar portfolios. It has commenced operations in Bangladesh, Vietnam, and Sri Lanka. It has also joined hands with integrated energy company Indika Energy to provide solar solutions to corporates in Indonesia. To set up electric vehicle charging stations across India, the company has tied up with Lithium Urban Technologies.

Rahul Varshney, Country Manager – India, Statkraft, said that the company has decided to exit the distributed solar power business to focus on developing large-scale projects because of changes in its solar strategy for India. With this, the company announced the sale of total interest and ownership in Statkraft Solar to Fourth Partner Energy. The company will continue to look for more investment opportunities in the clean energy market to positively contribute to India’s power sector.

According to Mercom’s India Solar Project Tracker, Fourth Partner Energy has open access solar projects with 140 MW capacity, and open access projects with around 500 MW capacity are in the pipeline.

Last month, Fourth Partner Energy raised $125 million in equity funding. Norwegian Investment Fund Norfund infused $100 million, while existing shareholders the Rise Fund, a global impact investment fund managed by TPG (formerly Texas Pacific Group), invested $25 million.

In May 2021, India-based packaged snacks manufacturer DFM Foods invested ₹9.6 million (~$0.13 million) to acquire 5.57% equity shares in Belenus Solar Private Limited, a special purpose vehicle of Fourth Partner Energy.