As per two people with knowledge of the development, Hinduja Renewables, the Hinduja Group's green energy division, has entered the bidding for Fourth Partner Energy's majority stake. In addition to Hindujas, Brookfield Asset Management Inc., Ontario Municipal Employees' Retirement System (OMERS), and US fund I Squared Capital are also shortlisted for the next round.
The deal entails purchasing the 52% share held by Hyderabad-based Fourth Partner Energy from private equity company TPG Capital for $650-700 million (Rs 5,300 crore), with additional primary capital infusion. According to the individuals mentioned above who spoke on the condition of anonymity, Bank of America and Investec are encouraging TPG to sell. TPG Capital owns 52% of
Fourth Partner through its impact investment division, The Rise Fund SF Pte. The Rise Fund bought a controlling interest in Fourth Partner Energy in 2018 after making a $70 million investment. Together with the other partner Norfund, TPG spent a total of Rs. 1,247 crore. Fourth Partner Energy is India's top distributed solar energy company, specialising in developing and financing solar projects across the private and public sectors for commercial, industrial, and institutional entities. The company was founded by three partners in 2010 as a solar products and EPC company. For around 200 corporate and governmental clients, it has carried out and distributed solar projects with a combined capacity of 950 MW across 24 states in India.
Several commercial and industrial clients, including Axis Bank, Big Basket, Britannia, EY, Unilever, Glenmark, Mahindra, ITC, ICICI Bank, Schneider, D Mart, and Walmart, are represented in Fourth Partner Energy's current portfolio of projects. It is currently in use throughout Sri Lanka, Bangladesh, Indonesia, Vietnam, and Indonesia. TPG, Brookfield, and OMERS spokespeople declined to comment, and Hinduja Renewables and I Squared Capital did not respond to emails sent to them.
Fourth Partner Energy had raised $125 million from The Rise Fund and Norfund, a private equity fund backed by the Norwegian government. In order to develop into new projects, Fourth Partner received a $50 million ('357 crore) loan from Bank of America in 2019. Fourth Partner Energy received debt financing from CDC in the UK, responsAbility in Zurich, and Symbiotics SA and Oikocredit.
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