Norwegian Fund to Invest Rs 930 Crore in Fourth Partner Energy
Norfund will own about 40 per cent stake in the company after the transaction. Avendus Capital was the advisor to Norfund for the transaction.
Norwegian fund Norfund is likely to invest $125 million (about Rs 930 crore) in solar solutions firm Fourth Partner Energy.
Norfund will own about 40 per cent stake in the company after the transaction, the Economic Times reported quoting sources. It said Avendus Capital was the advisor to Norfund for the transaction.
Currently, TPG Capital holds 84 per cent stake in the Hyderabad-based company.
Norfund is the Norwegian government’s fund for developing countries which aims to create jobs by investing in businesses that drive sustainable development.
Fourth Partner provides renewable energy solutions to businesses, government and institutions.
Founded in 2010 by Saif Dhorajiwala, Vivek Subramanian and Vikas Saluguti, Fourth Partner provides renewable energy solutions to businesses, government and institutions. The company’s clients include Walmart, Hindustan Unilever, Axis Bank, Ultratech, among others.
Earlier this year, UK’s development finance institution CDC Group had invested Rs 250 crore in Fourth Partner.
Source: businesstoday
