Avendus Capital Advises Norfund on USD 100 mn Infusion in Fourth Partner Energy

Norfund is an established, long-term, institutional investor with a strong global clean energy portfolio, committed to driving impact. We are keen on leveraging this round of funding and their expertise to further cement our leadership position. We also believe the C&I solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front. Our transformational relationship with TPG’s RISE Fund has enabled us to partner with high quality, ESG-centric financiers like Norfund and we continue to seek to work with the best global institutions going ahead. We are grateful to team TPG for this reaffirmation and welcome Norfund into the Fourth Partner Energy family.

Across Asia, Africa and Central America, Norfund has invested in and with companies like Globeleq, Scatec, Berkeley Energy Commercial and Industrial Solutions, d.Light and Yoma Micropower – which prioritize profitability while simultaneously addressing climate change, poverty alleviation and employment generation. Fourth Partner Energy is enabling decarbonization of the C&I sector in one of the most pivotal global markets. We are thrilled to partner with a business that is not just the 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.
 

As the global community continues to tackle climate change, Fourth Partner is leading India’s transition to renewable energy. The Rise Fund’s mission is to back businesses that help solve global issues like climate change while delivering attractive returns on investment. Since our initial investment, Fourth Partner has built a world-class team that consistently delivers strong fundamentals while focusing on high quality customers and carbon aversion. We are excited to be investing additional capital into this platform and continuing to build an industry leading distributed solar energy business in India. Norfund is a great addition to this team, as they share our commitment to strong corporate governance, impact and ESG,

Platforms focused on C&I are carving a niche for themselves in the rapidly expanding renewable energy market with their customer-centric, well-rounded and solution-oriented approach. With evolving contracting models, changing energy cost curves and increasing push for corporates to go carbon neutral, we expect C&I focused players to swiftly scale-up in the near future. We are proud to assist Norfund on their first large direct investment in India. It has been an exhilarating experience to work with the team and see them replicate their globally successful, decarbonization-aimed investment template in the Indian Power Sector. In Fourth Partner, they have found the best team to deploy growth capital in the C&I space in India and South-East Asian markets. With continued confidence and backing of marquee institutional investors such as TPG’s Rise Fund and Norfund, Fourth Partner looks set to further consolidate its market leadership.