FOURTH PARTNER ENERGY COMMISSIONS ITS FIRST WIND-SOLAR HYBRID PROJECT IN GUJARAT – EQ Mag
70 MW wind-solar hybrid project to help mitigate 1.5 Lk tons of CO2 emissions annually.
Plant to deliver clean energy at 25-35% cheaper than grid tariffs to corporate clients in the State
New Delhi/ Hyderabad : India’s leading renewable energy solutions platform, Fourth Partner Energy today announced the commissioning of its wind-solar hybrid project in Gondal, Gujarat. This 70 MW project marks 4PEL’s foray into Hybrid RE solutions and will supply clean energy to companies like Filatex, Linde, Nexus Malls (a Blackstone Group Co.), Deccan Chemicals and other marquee clients. Executed in under 10 months, this 70 MW plant will generate nearly 163 mn units of clean energy annually, while cutting carbon emissions by over 1.5 Lk tons. This project comprises of 14 Wind turbines supplied and erected by GE.
Announcing the commissioning of this project, Karan Chadha, Head of Business Development at Fourth Partner Energy highlighted that combining solar and wind power results in improving predictability of energy supply and a higher utilisation of evacuation & distribution infrastructure. “This is the first of many hybrid projects in the pipeline for 4PEL as it helps us deliver maximum green power to our clients at highest cost-savings per unit. We will soon commission projects across Karnataka, Tamil Nadu and Maharashtra. The C&I renewables market in India is set to grow by over 45 GW in the next 5 years – and 4PEL is committed to meeting that demand by offering the entire suite of integrated RE solutions. Today’s corporate client wants to maximise renewables consumption: while hybrid projects can deliver a Capacity Utilisation Factor (CUF) of nearly 60% compared to standalone wind or solar projects at 20-30%, further combining hybrid with BESS (Battery Energy Storage System) can take that to 80%. These are the customisations we deliver to our customers, not just in Gujarat but pan-India.”
Through this plant, 4PEL is supplying 10.8 MW of hybrid, clean energy to Filatex, one of India’s leading polyester yarn manufacturers. “Reducing the Carbon footprint at our Dahej & Dadra facilities has always been top priority for Filatex. Through this collaboration with Fourth Partner, we will look to procure nearly 50 mn units of green power annually, at cost-savings of nearly Rs 10 Cr per year. 4PEL’s execution expertise alongside delivering the project in a timely manner despite various challenges, sets them apart as market leaders. We look forward to a long-term partnership with their robust team”, said Madhu Sudhan Bhageria, CMD, Filatex.
The project finance for this hybrid plant has been funded by Aseem Infrastructure Finance, which is backed by NIIF (National Investment and Infrastructure Fund). Aseem Infra has provided a customized debt solution of up to Rs 300 Cr to meet the specific needs of the project. Speaking about the investment, Virender Pankaj, CEO of Aseem Infra said, “we take immense pleasure in supporting this project of Fourth Partner Energy, which will deliver clean and affordable electricity to Gujarat’s corporate sector. Aseem is always looking to back transformative infra projects as is reflected in our high-quality asset book. Our relationship with Fourth Partner Energy is an on-going one as their impact-driven, energy transition assets fit right in with Aseem’s vision of developing a futuristic, green India.”
With an installed portfolio of 1.3 GW of solar and wind assets, Fourth Partner Energy is targeting a 3 GW portfolio across India and Southeast Asia by 2025. “For off-site renewables, our focus is currently across Karnataka, Tamil Nadu, Uttar Pradesh, Maharashtra and Gujarat. We believe the Centre’s waiver of transmission charges for renewables project under ISTS (Inter State Transmission System) will be a gamechanger and are currently constructing a 600 MW project in Karnataka under this mechanism. We also continue to remain bullish on the distributed solar segment across India and our international markets,” added Karan Chadha.
Fourth Partner Energy is currently backed by Norfund and TPG’s RISE Fund.
About Fourth Partner Energy:
Fourth Partner Energy is India’s leading renewable energy company focusing on building and financing RE projects for commercial, industrial and institutional entities. It offers end-to-end capabilities including Evaluation, Design, Planning, Procurement, Construction, Operation, Maintenance and Financing of critical solar, wind and battery storage infrastructure.
With an installed asset base of 1.35 GW across both distributed and open access portfolios, the firm has now embarked on its journey to expand beyond traditional clean energy solutions including wind-solar hybrid, EV charging infrastructure, storage and floating solar.
The firm has a pan-India presence with its headquarters in Hyderabad and offices in 10 other cities including Pune, Gurgaon, Mumbai, Bengaluru, Kolkata. It has executed projects for marquee clients like Walmart, Unilever, Coca Cola, PepsiCo, Akzo Nobel, Schneider, Skoda, Ferrero, Mars, Airtel, D-Mart and ICICI Bank. The firm has an international presence in 6 countries including Indonesia, Vietnam, Myanmar, Sri Lanka and Bangladesh.
About Aseem Infra:
Aseem Infrastructure Finance Limited (AIFL) aspires to become one of the premier institutions for providing a full bouquet of debt and related financial solutions to the infrastructure sector. We aim to build a profitable and prudent asset portfolio by adopting best in class processes. The procedures and practices at AIFL are fully compliant with internal and external regulations and policy framework.
AIFL is registered with the Reserve Bank of India (RBI) as a non-banking finance company- infrastructure finance company (NBFC-IFC) and has been granted the Certificate of Registration to carry on the business of Infrastructure Financing in India.