New Delhi: Fourth Partner Energy, a solar energy company based in Hyderabad, announced on Wednesday that it had received an investment of Rs 250 crore from the British development finance institution, CDC Group.

He said the capital would be used to expand his renewable solutions platform in India and South Asia.

According to the press release, CDC’s investment will fund approximately 217 megawatts (MW) of renewable energy production in India, thus avoiding 258,000 tonnes of annual carbon dioxide emissions.

“We currently aim to reach 3 GW of solar capacity across all of our verticals by 2025. This will mean a significant increase in our current portfolio while increasing our battery storage, energy exchange and charging of electric vehicles. CDC’s funding will pave the way for the company’s growth… ”said Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy.

The solar company has a portfolio of 550 MW in its distributed and open access portfolios and has started operations in Sri Lanka, Bangladesh and Vietnam.

This funding also marks CDC’s foray into India’s commercial and industrial solar segment and Fourth Partner Energy’s first major fundraiser in 2021.

“We have built a scale in the renewable energy sector and this investment in Fourth Partner Energy, on the distributed solar side of the sector, is a strategic investment that further enhances India’s renewable energy capacity,” Srini said. Nagarajan, Managing Director and Head of Asia at CDC.

In 2020, Fourth Partner Energy had secured funding of Rs 110 crore from the Swiss climate action fund ResponsAbility and an investment of Rs 126 crore from a consortium of European lenders, led by Symbiotics.

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