Norfund invests $100 million in India’s leading rooftop solar developer

July 9, 2021

Norfund invests 100 million USD in Fourth Partner Energy, a leading developer of distributed solar energy, energy storage and charging infrastructure in India.

Fourth Partner Energy manages a portfolio of 550 MW within distributed solar, and has a target of 3 GW of installed solar capacity by 2025.

The company has established itself as a market leader for distributed solar cell solutions to companies in India, but it has also commenced operations in Sri Lanka, Bangladesh and Vietnam. In Indonesia, Fourth Partner Energy has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.

We are thrilled to partner with a business that is not just an industry leader but has adhered to high standards of business integrity, ESG and health & safety practices. We look forward to working with their core team and Rise Fund in helping achieve Fourth Partner’s 3GW target by 2025

Anders blom, vice president Clean energy, norfund
1 MWp carport installed by Fourth Partner Energy for ŠKODA AUTO India Private Ltd. at manufacturing facility in Aurangabad, Maharashtra

In addition to increases in installed solar capacity, Fourth Partner Energy is aiming for expansion of capabilities across energy storage and EV charging infrastructure.

– The investment marks Norfund’s first investment in charging infrastructure. Electrification of transport is now developing fast, and it will be interesting to follow the opportunities that are opening in our markets, says Blom.

Existing shareholder, The Rise Fund, TPG’s global impact investing platform, also invested an additional $25 Mn into Fourth Partner, following its $70 Mn investment in July 2018.