This is the Zurich-based investor's third round of debt in the solar company, after earlier rounds in 2016 and 2017.
Solar energy firm Fourth Partner Energy on July 22 said it has raised $15 million in debt from Swiss investor responsAbility Investments AG. This is the Zurich-based investor's third round of debt in the solar company, after earlier rounds in 2016 and 2017.
"In our tenth year of operations, we are looking to add capacity of close to 350 MW across both distributed solar and open access portfolios. We are building solar parks in Maharashtra, Tamil Nadu and Uttar Pradesh. Market sentiment for solar solutions is robust," said Pradhyum Reddy, who looks at strategy, finance and operations for the solar firm.
responsAbility, which manages over $3 billion in assets globally, has been an active investor in India's impact investing space. Its other investments include lenders Sammunnati, Electronica Finance and consumer brand firm Wingreens Farms, among others.
It has made this latest investment via its 'Access to Clean Power Fund', a private debt fund which seeks to address the lack of access to clean power globally, with a strong focus on Sub-Saharan Africa, South and Southeast Asia.
The fund targets companies that provide solutions to households without access to electricity and to businesses looking for cleaner, cheaper and more reliable energy. Beyond the financing of the dynamic off-grid energy sector, the fund also actively looks to address the solar potential for the commercial and industrial (C&I) sector.
Founded in 2010, Fourth Partner Energy provides distributed solar energy, with cost savings and low carbon emissions as its value propositions. The company manages 400 MW of assets for over 150 clients in India. Its investors also include global private equity firm TPG, which invested $70 million from The Rise Fund in 2018.