Fourth Partner Energy (FPEL) secured $275 million from a group of global impact investors, including the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Germany’s DEG. The funds will support FPEL’s ambitious growth strategy, aiming to achieve 3.5 GW of renewable energy capacity by 2026.
This quarter, FPEL is set to commence the initial phase of its 575 MW wind-solar hybrid project in Karnataka. Currently, the company has 1.5 GW of green assets in operation. The investment breakdown includes $125 million from IFC, $100 million from ADB, and $50 million from DEG.
Vivek Subramanian, Co-founder and Executive Director of FPEL, informed that the investment underscores FPEL’s strong technical capabilities, adherence to ESG standards, and significant commercial potential.
The funding will bolster FPEL’s renewable energy portfolio and aid India in its transition to renewable energy, providing affordable clean power to commercial and industrial consumers. As reported by manufacturingtodayindia.com, as India’s renewable energy sector continues to attract substantial investment, the funding aligns with the country’s clean energy goals.
