Norwegian investment fund Norfund has announced an investment of ₹3.5 billion (~$42.26 million) in Fourth Partner Energy (4PEL) to support its renewables expansion in India.

Separately, the International Finance Corporation (IFC) announced an investment of ₹5.6 billion (~$67.62 million) to support the installation of the company’s rooftop solar projects and 75 MW solar park in Atharga, Karnataka.

Fourth Partner will use the Norfund investment to support its off-site solar and wind projects for this fiscal year, under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.

Back in June 2021, Fourth Partner had raised $125 million in equity funding, in which Norfund brought in $100 million while then shareholder Rise Energy had invested $25 million.

Vice President at Norfund Anders Blom said, “To further our partnership, Norfund is excited to infuse an additional ₹3.5 billion (~$42.26 million) into 4PEL as they inch closer to the 3.5 GW asset portfolio target by 2025. The past two years has given us a thorough understanding of the technical prowess and execution capabilities at Fourth Partner Energy. We have also journeyed together in commencing wind power generation in Gujarat while developing hybrid parks across Tamil Nadu and Karnataka. The company has grown from an asset base of 550 MW in 2021 to 1.35 GW today.”

Co-Founder and Executive Director of Fourth Partner Energy Vivek Subramanian said, “To fuel our business expansion, Fourth Partner has also tied up ₹5.6 billion (~$67.62 million) as project finance from IFC for the execution of 90 MW of rooftop solar assets pan-India and our 75 MW solar park in Atharga, Karnataka. On the debt side, as well, most lenders like British International Investment, Oiko Credit, responsAbility, SBI, IREDA, and TCCL have repeated their commitment.”

Fourth Partner has installed over 500 MW of rooftop solar projects for businesses across India.

The company also announced a 600 MW interstate transmission system project in Karnataka on the back of commissioning its first wind-solar hybrid project in Gujarat last month.

Fourth Partner has an installed solar portfolio of 1.35 GW. It aims to expand the installed capacity to 3 GW across India by 2025.

Last April, British International Investment said it provided $47 million to Fourth Partner Energy as part of a follow-on investment for projects totaling 294 MW. The projects are being developed across India, Bangladesh, Sri Lanka, Indonesia, and Vietnam.