The funding is expected to give fillip to renewable energy targets of the company and the country
International Finance Corporation (IFC), Asian Development Bank (ADB) and Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG) invest $275 million i.e. Rs 2,280 crore in Hyderabad based renewable energy solutions platform Fourth Partner Energy Ltd (FPEL).
The investment is expected help in expanding FPEL’s business and lead to achievement of 3.5 GW of renewable energy assets by 2026. This comes at a ripe point when India’s renewables sector is projected to have yearly investment of $25 billion through 2030.
Imad N Fakhoury, Regional Director for South Asia, IFC, said, “Our investment will help FPEL to expand its renewable energy offerings and increase the supply of affordable, clean energy for commercial and industrial consumers across the country.”
IFC has the lead in investment with a total of 125 million, while ADB is investing $100 million and DEG, $50 million.
Vivek Subramanian, Executive Director, FPEL, said, “FPEL is now poised to transform the region’s clean energy landscape and assist more businesses in reaching their RE100 goals in a just, equitable manner.”
Suzanne Gaboury, Director General for Private Sector Operation, ADB, said that from their ordinary capital resources they have invested $70 million and $30 million from Leading Asia’s Private Infrastructure Fund 2 (LEAP 2).
FPEL for now has 1.5 GW of green assets and is set to begin the first phase of wind solar hybrid project under the Inter State Transmission System route in Karnataka later this quarter. It will aim to achieve 575 MW wind solar hybrid.