TPG Growth’s impact fund invests $70 mn in Fourth Partner Energy
Fourth Partner Energy has announced a $70-million investment from The Rise Fund, a global impact investment fund managed by TPG Growth.
Founded in 2010 by Vivek Subramanian, Saif Dhorajiwala, and Vikas Saluguti, Fourth Partner Energy is a distributed energy management company with in-house capabilities across design, engineering, construction, service, monitoring and financing.
One of the company’s main offerings is solar power under long-term power purchase agreements leading to significant cost savings for industrial, commercial as well as public sector clients.
The Rise Fund will leverage the extensive investing and business building experience and track record of TPG Growth’s global network to help Fourth Partner Energy grow and develop the businesses.
Fourth Partner Energy will use this investment to strengthen its leadership position in this emerging sector and accelerate its growth across industrial and commercial, corporate and public sector clients. It will also help it expand its range and operations to other geographies including Southeast Asia, the Middle East and Africa.
Fourth Partner Energy has executed over 1,500 projects across 22 states in India and lists UltraTech, Ferrero, Nestle, Sintex, Raymonds, Pepsi, Mars, ICICI Bank, Coca Cola, D-Mart, Schneider Electric, Myntra, Big Basket, BITS, Symbiosis University, IIM Bangalore and Indian Railways as some of its clients.
“India is demonstrating to the world the positive commercial and environmental impact of distributed solar solutions. Across industries, our customers are realising tangible savings in their power bills. By replacing traditional thermal power plants with renewable energy sources, we are helping nurture the critical ecosystem in India,” said Vivek Subramanian, founder, Fourth Partner Energy.
The company is confident of exceeding its initial target of managing over 1 Gw of distributed solar assets by 2022 through this strategic partnership with The Rise Fund and TPG Growth. The company plans to leverage TPG Growth’s network to further grow its business.
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