Norwegian Investment Fund for developing countries, Norfund, on Friday announced a fresh investment of ₹350 crore into Hyderabad-based renewable energy solutions platform Fourth Partner Energy (4PEL).
This is the second round of equity infusion by Norfund into 4PEL, following its $100 Mn investment in June 2021.
“The past 2 years has given us a thorough understanding of the technical prowess and execution capabilities at Fourth Partner Energy,” Anders Blom, Vice President at Norfund said in a release.
“We have also journeyed together in commencing wind power generation in Gujarat, while developing hybrid parks across Tamil Nadu and Karnataka,” he added.
The company has grown from an asset base of 550 MW in 2021 to 1.35 GW today. 4PEL’s leadership team is determined to balance the planet with profitability, according to him.
“To further our partnership, Norfund is excited to infuse an additional ₹350 Cr into 4PEL as they inch closer to the 3.5 GW asset portfolio target by 2025,” he said.
Echoing Norfund’s sentiment, Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy, said, ”Norfund’s repeat investment is reflective of our strong partnership and our USP in today’s renewables marketplace – in fact all our investors since the inception of the firm including Chennai Angels, Infuse Ventures, TPG Capital have carried out multiple rounds of equity investment with 4PEL.”