Fourth Partner Energy Receives INR1.26 Billion to Expand Distributed Solar Footprint

<p><a href="https://symbioticsgroup.com/'">Symbiotics</a>, an investment firm specialized in emerging, sustainable, and inclusive finance, issued its first bond the proceeds of which are exclusively used to finance renewable energy projects.</p><p>It raised INR1.26 billion (~$17.4 million) for <a href="https://www.fourthpartner.co/">Fourth Partner Energy Limited</a>, a distributed solar energy firm.</p><p>The bond proceeds are to be fully used for a four-year, senior unsecured, local currency loan to Fourth Partner Energy.</p><p>The bond was issued by Symbiotics’ sponsored bond issuance platform. The investors in the bond are <a href="https://www.asnbank.nl/beleggen/beleggingsrekening/beleggingsfondsen/asn-groenprojectenfonds.html">ASN Groenprojectenfonds</a> at INR345 million (~$4.6 million), <a href="https://www.triodos.nl/beleggen/groenfonds/NL0000440204">Triodos Groenfonds</a> for INR345 million (~$4.6 million), and Symbiotics’ advisory and mandated fund with INR570 million (~$7.7 million).</p><p><br> </p><p>Pradhyum Reddy, head of corporate finance at Fourth Partner Energy, said, “This line of credit from marquee impact investors like Symbiotics, Triodos and ASN is testament to the role of commercial & industrial customers driving the transition to clean energy. We will be utilizing these funds to expand our distributed solar footprint. We have a healthy order book, and these two rounds of funding in quick succession, in what has otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments.!”</p><p>Fourth Partner Energy provides solar energy solutions to C&I, customers, in India, and manages ~400 MW across its distributed and open-access portfolios for over 150 clients. Fourth Partner Energy will allocate these funds to build and operate a large number of turnkey small and medium-scale solar systems installed on the roofs of Indian enterprises.</p><p>Fourth Partner was among the top three solar rooftop installers in India in the calendar year 2019, according to Mercom’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles">India Solar Market Leaderboard 2020</a>. Together, these top three installers <a href="https://mercomindia.com/tata-fourth-partner-azure-top-rooftop-installers/">accounted</a> for nearly 22% of total rooftop installations in 2019.</p>

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