IFC, ADB, DEG Consortium invests $275 million in Fourth Partner Energy

Global investors International Finance Corporation, the Asian Development Bank, and Deutsche Investitions (DEG) have invested $275 million in Hyderabad-based renewable energy solutions platform Fourth Partner Energy Ltd.

The valuation at which the equity investment has been made was not disclosed. Fourth Partner Energy's majority equity partners before the equity infusion were TPG Global and Norwegian investment fund Norfund.

After the latest investment, the new investors along with Norfund and TPG Global hold a 90% stake in the company, and founders Vivek Subramanian and Saif Dhorajiwala's share forms part of the balance. TPG made a partial exit in the transaction.


IFC's investment was $125 million, followed by ADB with $100 million and DEG with $50 million. The consortium's investment will fund the company's business expansion plans, including a portfolio of 3.5 GW of renewable energy projects by 2026. "Our investors and lenders keep coming back as financiers because FPEL prioritises commercial viability and robust returns, while focusing on scaling the business," Vivek Subramanian, Co-founder & ED said.