Fourth Companion Vitality has raised $125 million in fairness funding from Norfund, the Norwegian Funding Fund for creating nations, and current shareholder The Rise Fund.
Comprising a $100 million from Norfund and the remainder from The Rise Fund, the proceeds are to be utilised by the photo voltaic power agency in direction of enterprise growth throughout India and worldwide markets.
Fourth Companion Vitality needs to leverage this spherical of funding and experience of Norfund, as an institutional investor with a robust international clear power portfolio, to additional cement its management place, co-founder and govt director Vivek Subramanian stated.
“We additionally consider the industrial and industrial photo voltaic market in India is ripe for consolidation and are actively pursuing acquisition alternatives on this entrance,” he stated. The corporate, which manages a portfolio of 550 MW throughout its distributed and open entry photo voltaic portfolios, is strengthening its onsite and offsite photo voltaic presence within the subcontinent in addition to key markets throughout South and Southeast Asia. It’s concentrating on 3 GW of put in photo voltaic capability by 2025 and growth of capabilities throughout power storage and EV charging infrastructure.
Whereas that is Norfund’s maiden funding in Fourth Companion Vitality, The Rise Fund’s funding follows the $70 million funding it had made in July 2018, a launch from the corporate stated.
Fourth Companion Vitality had secured a $33 million line of mezzanine funding in April from the CDC Group. In 2020, it had introduced a $15 million spherical of funding from Swiss local weather motion fund ResponsAbility and a $16 million funding from a consortium of European lenders, led by Symbiotics.