FOURTH PARTNER ENERGY RAISES US$ 16 MILLION FROM EUROPEAN CONSORTIUM OF LENDERS TO EXPAND PROJECT PORTFOLIO
Geneva-based market access platform for impact investing, SYMBIOTICS joins hands with Dutch lenders TRIODOS and ASN to finance Indian solar projects
Mumbai: Fourth Partner Energy, India’s leading solar solutions firm for corporates, today announced it has raised US$ 16 million (~₹126 Cr) in mezzanine funding from a consortium of European impact investment funds, led by Symbiotics. This is the second round of funding announced by the firm this fiscal, after responsAbility Investments A.G. pumped in US$ 15 million in June.
Symbiotics, a leading market-access platform for impact investing, has arranged for the issuance of this bond in partnership with Netherland’s sustainable banking majors, Triodos Bank and ASN Bank. This bond marks the consortium’s foray into India’s commercial solar sector. Fourth Partner will utilise these funds towards construction of around 150 MW worth of new solar assets. Phoenix legal and Dua were advisors to this deal.
Pradhyum Reddy, Head – Corporate Finance at Fourth Partner Energy said, “this line of credit from marquee impact investors like Symbiotics, Triodos and ASN is testament to the role of Commercial & Industrial customers driving the transition to clean energy. At Fourth Partner Energy, we are working hard to bring into India high quality global financiers committed to the long-term impact of distributed solar. We have a very healthy orderbook, and these two rounds of funding in quick succession, in what has otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments. We will be utilising these funds for expanding our distributed solar footprint. We are delighted to welcome Symbiotics, Triodos and ASN as our Fourth Partners!”
Fourth Partner Energy has an operational portfolio of 400 MW of solar assets currently and is looking to add close to 350 MW capacity this fiscal. The company is also constructing solar parks across Uttar Pradesh, Maharashtra and Tamil Nadu as part of its Open Access portfolio.
“The issuance of this bond is fully aligned to Symbiotics’ mission to foster sustainable development and wider adoption of green energy in emerging and frontier economies. We are excited to nurture and selectively grow this segment even further in India with the disbursal of this local currency loan to Fourth Partner Energy,” noted Daniel Schriber, Head of Investments at Symbiotics.
Talking about this development, Rosemarijn van der Meij, Fund Manager, ASN Groenprojectenfonds said, “C&I rooftop solar has vast potential in India. The country hit hard by the COVID-19 crisis. It is crucial that local private companies continue to develop their business. In order to do so, foreign direct investments are essential. Medium, Small and Micro Enterprises, the backbone of the Indian economy, are likely to adopt solar energy at a large scale in the coming years as it is a cleaner and cheaper renewable energy alternative and provides tariff certainty for up to 25 years. We are proud to be co-investors in this innovative, solar PV financing for Fourth Partner Energy.”
Gerrit-Jan Brunink, Senior Investment Manager, Energy & Climate at Triodos added, “Distributed energy is expected to play an important role in the energy transition and Triodos is determined to expand and work with this team as trusted partners to promote renewable energy, combining impact and solid returns.”
Founded in 2010, Fourth Partner Energy has grown to become India’s largest company in the distributed solar sector catering to over 150 major businesses including Walmart, Hindustan Unilever, Ferrero, UltraTech Cement, Coca Cola, PepsiCo, DMart, AkzoNobel, Skoda, Colgate Palmolive and Myntra. The company commenced International operations in FY20, with South and South East Asia being focus markets. Fourth Partner forayed into solar-powered EV Charging infrastructure in March this year, through a 50:50 JV with leading commercial EV fleet operator, Lithium Urban Technologies and has set up charging hubs in Gurugram and Pune.
About Fourth Partner Energy:
Fourth Partner Energy is India’s leading solar energy solutions firm focusing on building and financing solar projects across the private, public sectors for commercial, industrial and institutional entities.
It is a full-services Renewable Energy Services Company (RESCO) that offers end-to-end capabilities including Evaluation, Design, Planning, Procurement, Construction, Operation, Maintenance and Financing of critical solar infrastructure. Fourth Partner Energy is backed by TPG’s The Rise Fund which invested $70mn in the Hyderabad headquartered firm, in June 2018.
With an operational portfolio of 400 MW installed capacity across both distributed and open access portfolios, the firm has now embarked on its journey to expand beyond distributed solar and into a variety of clean energy solutions including EV charging infrastructure, storage and floating solar.
The firm has a pan-India presence with its headquarters in Hyderabad and offices in 10 other cities including Pune, Gurgaon, Mumbai, Bengaluru, Kolkata. It has executed projects for marquee clients like Hindustan Unilever, Coca Cola, Pepsi, Walmart, Schneider, Skoda, Ferrero, Airtel, D-Mart and ICICI Bank.
About Symbiotics:
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions.
