Fourth Partner Energy Commissions 70 MW Wind-Solar Hybrid Project in Gujarat

ADB & Fourth Partner Join Hands for 25 MW Solar Power Plant in Tamil Nadu

Renewable energy solutions platform, Fourth Partner Energy today announced the commissioning of its wind-solar hybrid project in Gondal, Gujarat. This 70 MW project marks 4PEL’s foray into hybrid renewable energy solutions and will supply clean energy to companies like Filatex, Linde, Nexus Malls (a Blackstone Group Co.), Deccan Chemicals and other marquee clients.

Executed in under ten months, the 70 MW plant will generate nearly 163 mn units of clean energy annually, while cutting carbon emissions by over 1.5 lakh tons. This project comprises of 14 wind turbines supplied and erected by GE.

Announcing the commissioning of this project, Karan Chadha, Head of Business Development at Fourth Partner Energy highlighted that combining solar and wind power results in improving predictability of energy supply and a higher utilisation of evacuation & distribution infrastructure, “This is the first of many hybrid projects in the pipeline for 4PEL as it helps us deliver maximum green power to our clients at highest cost-savings per unit. We will soon commission projects across Karnataka, Tamil Nadu and Maharashtra. The C&I renewables market in India is set to grow by over 45 GW in the next 5 years and 4PEL is committed to meeting that demand by offering the entire suite of integrated RE solutions.” He added, “Today’s corporate client wants to maximise renewables consumption: while hybrid projects can deliver a Capacity Utilisation Factor (CUF) of nearly 60% compared to standalone wind or solar projects at 20-30%, further combining hybrid with BESS (Battery Energy Storage System) can take that to 80%. These are the customisations we deliver to our customers, not just in Gujarat but pan-India.”

Through the said plant, 4PEL is supplying 10.8 MW of hybrid, clean energy to Filatex, a polyester yarn manufacturer. “Reducing the carbon footprint at our Dahej & Dadra facilities has always been top priority for Filatex. Through this collaboration with Fourth Partner, we will look to procure nearly 50 mn units of green power annually, at cost-savings of nearly INR 10 Cr per year. 4PEL’s execution expertise alongside delivering the project in a timely manner despite various challenges, sets them apart as market leaders. We look forward to a long-term partnership with their robust team,” said Madhu Sudhan Bhageria, CMD, Filatex.

Project Finance

The project finance for this hybrid plant has been funded by Aseem Infrastructure Finance, which is backed by NIIF (National Investment and Infrastructure Fund). Aseem Infra has provided a customized debt solution of up to Rs 300 Cr to meet the specific needs of the project. Speaking about the investment, Virender Pankaj, CEO of Aseem Infra said, “We take immense pleasure in supporting this project of Fourth Partner Energy, which will deliver clean and affordable electricity to Gujarat’s corporate sector. Aseem is always looking to back transformative infra projects as is
reflected in our high-quality asset book. Our relationship with Fourth Partner Energy is an on-going one as their impact-driven, energy transition assets fit right in with Aseem’s vision of developing a futuristic, green India.”

4PEL Portfolio

With an installed portfolio of 1.3 GW of solar and wind assets, Fourth Partner Energy is targeting a 3 GW portfolio across India and Southeast Asia by 2025. “For off-site renewables, our focus is currently across Karnataka, Tamil Nadu, Uttar Pradesh, Maharashtra and Gujarat. We believe the Centre’s waiver of transmission charges for renewables project under ISTS (Inter State Transmission System) will be a gamechanger and are currently constructing a 600 MW project in Karnataka under this mechanism. We also continue to remain bullish on the distributed solar segment across India and our international markets,” added Karan Chadha.

Fourth Partner Energy is currently backed by Norfund and TPG’s RISE Fund.

Recently, Fourth Partner Energy commissioned a 3 MW solar project for Best Agrolife.