Fourth Partner Energy, India’s leading solar energy company, has raised $125 million from Norfund, a Norwegian institutional investment fund, and existing shareholder The Rise Fund, according to The Hindu.
Fourth Partner Energy said it is planning to use the proceeds — $100 million which came from Norfund and the rest from The Rise Fund — to expand its business across India and international markets.
Vivek Subramanian, co-founder and executive director of Fourth Partner Energy, said the company believes the commercial and industrial solar market in India is ripe for consolidation and is actively pursuing acquisition opportunities on this front. The company is seeking to bolster its onsite and offsite solar presence in India, as well as key markets across South and Southeast Asia.
Fourth Partner Energy, which manages a portfolio of 550 megawatts across its distributed and open-access solar portfolios, is targeting 3 gigawatts of installed solar cap
