IFC, ADB, DEG consortium to invest $275 mn in Fourth Partner Energy

IFC, ADB and DEG on Tuesday announced an investment of USD 275 million (about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd (FPEL).

The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026, a statement said.

FPEL has an installed base of 1.5 GW of green assets and is set to commission the first phase of its maiden 575 MW wind solar hybrid project under the ISTS (Inter State Transmission System) route, in Karnataka, later this quarter, it said.

World Bank's International Finance Corporation (IFC) is leading the consortium with an investment of USD 125 million, while Asian Development Bank (ADB) is infusing USD 100 million and Germany's Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is at USD 50 million to complete this round of fundraising, it said.

"We welcome IFC, ADB and DEG as new partners to join our existing high quality .