Fourth Partner Energy has announced the acquisition of an 8.9-MW distributed solar portfolio from Statkraft India, marking it’s first acquisition this fiscal.

This is in-line with the firm’s capacity expansion plans, post securing $125 million funding from Norfund and TPG’s The Rise Fund earlier this month.

The Hyderabad-based solar energy company is now strengthening its onsite and offsite solar presence in the sub-continent; as well as key markets across South and South-East Asia with a 3-GW installed solar capacity target by 2025.

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 of Statkraft 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.”

“Our team is well armed in terms of financing and capabilities to onboard larger portfolios and is looking to add close to a 100 MW of installed capacity this fiscal via the acquisition route,” he said.

“Due to recent changes in our solar strategy for India, Statkraft has decided to exit the distributed solar power business to focus on developing larger-scale projects. Statkraft will continue to look for more investment opportunities in the clean energy space with the objective of making a positive contribution to India’s power sector,” Rahul Varshney, Country Manager, India, Statkraft, said.

Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. It has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, the company has tied up with Indika Energy to offer solar solutions to corporates there.

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