Fourth Partner Energy (FPEL), a TPG-backed renewable energy firm, has secured ₹780 crore in refinancing from NIIF Infrastructure Finance Ltd (NIIF-IFL) to support its 370 MW rooftop solar portfolio spanning 24 Indian states. The portfolio supplies clean electricity to major corporates including HUL, D-Mart, Ultratech, Walmart, Hyundai, and TCS, driving India’s decentralized energy transition.
According to Jignasa Jani Visaria, Head–Renewable Capital at FPEL, NIIF-IFL was selected for its deep understanding of regulatory and operational complexities within the rooftop solar sector. Sourabh Shrivastava, Director at NIIF-IFL, noted that the financing structure was designed to address challenges arising from multiple PPAs, off-takers, and state regulations.
Beyond rooftop solar, FPEL has commissioned over 1.2 GW under open access, is developing 800 MW of wind-solar hybrid projects, and has deployed 50 MWh of battery storage systems. With $275 million equity backing from IFC, ADB, and DEG, the Hyderabad-based company plans to expand its total installed capacity to 9 GW by 2031, reinforcing its position as one of India’s leading distributed clean energy players.
