Fourth Partner Energy Takes Over 8.9MW Solar Portfolio from Statkraft India

Fourth Partner Energy has acquired 8.9 MW of solar portfolio from Statkraft India.

India’s distributed solar energy firm focusing on building and financing solar projects, Fourth Partner Energy has announced acquiring 8.9 MW of solar energy portfolio of Statkraft India, an Indian branch of a European generator of renewable energy.

This marks the first acquisition of Fourth Partner in this fiscal period. This comes after receiving an investment worth Rs 250 crore from UK-owned development finance institution CDC, for expanding its renewable solutions platform across India and South Asia.

Speaking of the partnership, Head–Asset Acquisition, Fourth Partner Energy, Mr. Aditya Gupta stated, “Acquiring good quality assets backed by strong off-takers is a key focus area for the company as we cement our leadership position and this portfolio of Statkraft is a natural fit.”

“We believe the distributed solar market is ripe for consolidation, with assets switching hands at a rapid pace, especially in the era of the pandemic,” he added.

Before that in March, the solar solution firm had announced a partnership with Indonesia’s energy major, Indika Energy. The joint venture (JV) company Empat Mitra Indika Tenaga Surya (EMITS) is aimed at accelerating Indonesia’s renewable energy transition.

As per the company’s claims, it is India’s leading solar solutions provider with an installed capacity of over 500 MW in 24 States. It has also forayed into offering Lithium-ion based Storage solutions, as well as the setting up of solar-powered EV charging hubs.

The firm has completed an 8.5 MWp ground-mounted solar installation at Kalburgi, Karnataka, a 100 MWp solar park in Uttar Pradesh, 1 MWp solar carport at Aurangabad, Maharashtra, and 1 MWp rooftop solar installation at Warangal, Andhra Pradesh.

“Due to recent changes in our solar strategy for India, Statkraft has decided to exit the distributed solar power business to focus on developing large-scale projects. Statkraft will continue to look for more investment opportunities in the clean energy space to make a positive contribution to India’s power sector,” said Mr. Rahul Varshney, Country Manager, Statkraft India.