Hyderabad-headquartered renewable energy solutions platform Fourth Partner Energy (FPEL) has secured an investment of $275 million from global impact investors IFC, ADB, and DEG.

World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.

FPEL is developing capacities of 1.2 GW of open access renewable energy projects across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat while continuing to focus on Inter-State Transmission System (ISTS), on-site solar, and battery storage as key business verticals.

Co-founder and Executive Director,  Fourth Partner Energy, Vivek Subramanian, said, “We welcome IFC, ADB, and DEG as new partners to join our existing high-quality equity investor base comprising of Norfund and TPG. Fourth Partner Energy is now poised to transform the region’s clean energy landscape and assist more businesses in reaching their RE100 goals in a just, equitable manner.”

FPEL has an installed base of 1.5 GW of green assets and is set to commission the first phase of its maiden 575 MW wind-solar hybrid project under the ISTS  route in Karnataka later this quarter.

“Reducing the energy sector’s carbon footprint is critical to realizing India’s green ambitions. Our investment will help FPEL expand its renewable energy offerings and increase the supply of affordable, clean energy for commercial and industrial consumers across the country.  Strategic investments in distributed generation through corporate PPAs are creating a new asset class, key to diversifying India’s energy mix. Together with our partners, we aim to support India’s green transition and make a meaningful impact on the country’s sustainable energy journey,” said IFC’s Regional Director for South Asia, Imad N Fakhoury.

Last year, FPEL entered into an agreement with ADB to secure a long-term loan of up to ₹1.2 billion (~$14.7 million) for a 25 MW solar open access project in Tamil Nadu.

In the same year, FPEL secured ₹3.5 billion (~$42.26 million) from Norfund to support its renewables expansion in India.