This marks 4PEL’s first acquisition this fiscal – is part of Statkraft’s strategic plan to exit the distributed solar segment in India
India’s leading commercial and industrial solar solutions developer Fourth Partner Energy today announced the acquisition of an 8.9 MW distributed solar portfolio from Statkraft India. This marks Fourth Partner Energy’s first acquisition this fiscal and is in-line with the firm’s capacity expansion plans, post securing $125 Mn funding from Norfund and TPG’s The Rise Fund earlier this month.
The company is now strengthening its onsite and offsite solar presence in the subcontinent; as well as key markets across South and Southeast Asia with a 3 GW installed solar capacity target by 2025.
Speaking about this development and the outlook for consolidation in India’s C&I solar segment, Aditya Gupta, Head – Asset Acquisition, Fourth Partner Energy said, “acquiring good quality assets backed by strong off-takers is a key focus area for the company as we cement our leadership position and this portfolio of Statkraft is a natural fit.
We believe the distributed solar market is ripe for consolidation, with assets switching hands at a rapid pace, especially in the era of the pandemic. At 4PEL, we thoroughly scrutinize build quality, historical generation and bankability of solar plants before adding them to our asset base.
Our team is well armored in terms of financing and capabilities to onboard larger portfolios and is looking to add close to a 100 MW of installed capacity this fiscal via the acquisition route.”
“Due to recent changes in our solar strategy for India, Statkraft has decided to exit the distributed solar power business to focus on developing larger-scale projects. On this background, Statkraft is happy to announce the sale of 100% interest and ownership in Statkraft Solar to Fourth Partner Energy.
We are confident that 4PEL will carry forward the excellent standards of customer service displayed by Statkraft India over the years. Statkraft will continue to look for more investment opportunities in the clean energy space with the objective of making a positive contribution to India’s power sector,” added Rahul Varshney, Country Manager – India, Statkraft.
To date, Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. The company has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, 4PEL has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.
The company has also strengthened its energy storage capabilities; on the electric mobility front – 4PEL has tied up with Lithium Urban Technologies to set up EV charging units and hubs pan-India under the brand ‘Power Bank’.