Fourth Partner Energy, a solar energy company based in India, has received a funding of Rs 2.5 billion from CDC Group, a UK-based development finance institution in the form of non-convertible debentures. This is CDC’s first investment in the commercial and industrial solar segment in India. The funding will be used to develop renewable energy in India and South Asia. As per the press release, CDC’s investment will fund about 217 MW greenfield renewable power generation in India. This would result in curbing about 258,000 tonnes of carbon dioxide emissions per year.

Fourth Partner has a target to achieve 3 GW of solar capacity across all its verticals by 2025. The company currently has a portfolio of 550 MW across its distributed and open access portfolios and has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, it has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.This is Fourth Partner Energy’s first major round of fundraising in 2021. In July 2020, Fourth Partner Energy has raised about Rs 1.12 billion in debt funding from Swiss asset manager responsAbility. This is the third round of funding given by responsAbilitythrough its climate finance funds, while the first two rounds of financing were closed in 2016 and 2017.

In January 2021, CDC group has announced a $30 million credit facility to Tata Cleantech Capital. The deal marked the first green loan facility which has been offered by the CDC group. The investment will allow Tata Cleantech to provide loans to businesses across the country with an emphasis on e-mobility solutions, water, and energy efficiency. As India is the fourth-largest emitter of greenhouse gasses and among the top ten in water consumption, the CDC’s green credit facility is expected to improve the pace of curbing emissions with increased efforts in renewable energy and e-mobility deployment. CDC will look to invest more of its long term capital in India’s green energy sector that will catalyse the shift to a net-zero carbon future.

CDC Group plc is the UK’s development finance institution.  Wholly owned by the UK Government, it invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs.  CDC Group plc has invested in India since 1987. CDC provides capital in forms including equity, debt, mezzanine and guarantees.