Norfund Invests $100m in Fourth Partner Energy

Indian distributed solar solutions provider Fourth Partner Energy has raised $125 million from the Norwegian investment fund, Norfund ($100m) and existing shareholder The Rise Fund ($25m). The fund will enable the company to expand its services in key markets across south and southeast Asia.

Fourth Partner targets the deployment of 3GW of solar by 2025ands increased energy storage services and EV charging infrastructure.

Vivek Subramanian, co-founder and executive director at Fourth Partner Energy, stated that the company will leverage the funding and expertise of Norfund to cement its position as a market leader and will also look to consolidate in the Indian Commercial and Industrial (C&I) solar market.

Anders Blom, Vice President at Norfund, added that the company aligns with fourth Partner Energy’s decarbonization of the C&I sector in one of the most pivotal global markets.”We look forward to working with their core team and Rise Fund in helping achieve Fourth Partner’s 3 GW target by 2025,” he added.

Fourth Partner Energy currently has a portfolio comprising 550MW  of projects in the distributed and open access solar sectors. The company has also commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, the company partners with Indika Energy to deploy its solar solutions to C&I consumers.