Hinduja renewables joins race to buy major stake in Fourth Partner Energy – EQ Mag
Hinduja Renewables, the inexperienced power arm of the Hinduja Group, has joined the race to amass a majority stake in renewable power agency Fourth Partner Energy, two individuals conscious of the event stated.
Hindujas are shortlisted for the subsequent spherical as are different contenders – Brookfield Asset Administration Inc, Ontario Municipal Workers’ Retirement System (OMERS), and US fund I Squared Capital.
The deal includes shopping for non-public fairness agency TPG Capital‘s 52% stake in Hyderabad-based Fourth Partner Power at an enterprise worth of $650-700 million (Rs 5,300 crore) and extra main capital infusion. Financial institution of America and Investec are advising TPG for the exit, the individuals cited above stated on the situation of anonymity.
TPG Capital, by means of its influence funding arm The Rise Fund SF Pte, holds 52% in Fourth Companion. In 2018, The Rise Fund invested $70 million into Fourth Companion Power and purchased a majority stake. TPG, together with the opposite shareholder Norfund, invested Rs 1,247 crore in whole.
Based by three companions in 2010 as a Photo voltaic merchandise and EPC firm, Fourth Companion Power is India’s main distributed photo voltaic power agency specializing in constructing and financing photo voltaic initiatives throughout the non-public and public sectors for business, industrial and institutional entities. It has executed and distributed photo voltaic initiatives with a cumulative capability of 950 MW throughout 24 states in India for about 200 company and authorities purchasers.
Fourth Companion Power’s present portfolio contains initiatives throughout a variety of economic and industrial purchasers, akin to Axis Bank, Large Basket, Britannia, EY, Unilever, Glenmark, Mahindra, ITC, ICICI Bank, Schneider, D Mart and Walmart. It’s at present operational throughout Vietnam, Indonesia, Bangladesh and Sri Lanka, too.
Spokespersons with TPG, Brookfield and OMERS declined to remark, whereas mails despatched to Hinduja Renewables and I Squared Capital didn’t elicit any responses. In 2021, Fourth Companion Power had raised $125 million funding from Norwegian government-owned non-public fairness fund Norfund and The Rise Fund. In 2019, Financial institution of America had prolonged a $50-million (‘357 crore) debt to Fourth Companion for increasing into new initiatives. Fourth Companion Power has raised debt financing from UK’s CDC, Zurich-based responsAbility, Symbiotics SA and Oikocredit.