Fourth Partner Energy | Solar, Wind & Storage for C&I

Fourth Partner Energy | Solar, Wind & Storage for C&I

Sustainable Development Goals

SDG 13 – Climate Action, SDG 7 – Affordable and Clean Energy, SDG 9 – Industry Innovation and Infrastructure

Company Overview

Fourth Partner Energy is an Indian renewable energy company that designs, builds, finances and operates solar, wind, hybrid and battery storage projects for commercial, industrial and institutional clients. Founded in 2010 by Saif Dhorajiwala and Vivek Subramanian, the company operates as a renewable energy services company, offering end-to-end capabilities spanning evaluation, design, planning, procurement, construction, operation, maintenance and financing of clean energy infrastructure.

The company is headquartered in Hyderabad and maintains a pan-India presence across 14 cities. It commenced international operations in 2021 and now operates in Indonesia, Sri Lanka, Bangladesh and Vietnam. Its offerings span on-site solar such as rooftop, ground-mount, carport and building-integrated photovoltaics, open access solar and wind, wind-solar hybrid parks, battery energy storage systems, and international renewable energy certificates.

Fourth Partner Energy has executed thousands of projects for corporate clients including Hindustan Unilever, Coca-Cola, PepsiCo, Walmart, ICICI Bank, Wipro, Tata Consultancy Services and Meta, spanning sectors such as manufacturing, retail, IT, automotive, chemicals and financial services. The company has raised equity funding from institutional and development finance investors including TPG’s The Rise Fund, Norfund, the International Finance Corporation, the Asian Development Bank and DEG, and works with a wider network of green financiers spanning global and regional development banks. Fourth Partner Energy operates on a renewable energy services company model, taking on project development, financing and asset ownership so client businesses can access renewable power without directly managing generation infrastructure.

Why These SDGs Matter

Fourth Partner Energy's core business is the development and financing of solar, wind, hybrid and battery storage projects that directly increase the supply of clean, affordable electricity for commercial and industrial users, aligning with SDG 7. Its work building renewable energy infrastructure, including wind-solar hybrid parks and battery storage assets connected to inter-state transmission systems, contributes to the resilient energy infrastructure objectives of SDG 9. By enabling large corporates to substitute grid or captive fossil-based power with renewable sources and by facilitating carbon credit and I-REC instruments, the company supports emissions reduction efforts central to SDG 13. These three goals reflect the company's primary business activity rather than secondary or incidental effects.

Products & Services
  • On-site rooftop, ground-mount and carport solar systems
  • Building-integrated photovoltaic (BIPV) solutions
  • Open access solar and wind power supply
  • Wind-solar hybrid power plants
  • Battery energy storage systems (BESS)
  • International Renewable Energy Certificates (I-RECs)
  • Renewable asset design, engineering and procurement
  • Construction, operation and maintenance of RE plants
  • Remote asset monitoring and management system (RMS)
  • Project financing and structured debt arrangement
Business Challenges Solved
  • High and rising grid electricity costs for corporates
  • Complexity of financing large-scale renewable projects
  • Fragmented vendor landscape across solar, wind, hybrid and storage
  • Lack of in-house technical expertise to manage renewable assets
  • Need for round-the-clock clean power rather than intermittent supply
  • Difficulty accessing renewable energy across multiple facility locations
  • Corporate targets for RE100 and net-zero commitments
  • Carbon credit and I-REC procurement for emissions reporting
Approach & Methodology

Fourth Partner Energy operates as a full-service renewable energy services company (RESCO), retaining in-house capabilities across evaluation, design, planning, procurement, construction, operation, maintenance and financing rather than outsourcing individual stages to third parties. This integrated model allows the company to take on asset ownership and long-term operational responsibility for solar, wind, hybrid and battery storage projects on behalf of corporate clients, who typically purchase power rather than own the underlying infrastructure.

Delivery is organised around two principal routes: on-site generation, where systems such as rooftop, ground-mount or carport solar are installed at a client's own premises, and open access generation, where solar and wind assets are developed off-site and power is supplied to clients through the transmission grid under open access regulations. For clients seeking storage or round-the-clock renewable supply, the company layers battery energy storage systems and wind-solar hybrid configurations onto these two routes.

The company's asset management arm provides remote monitoring of installed capacity through a dedicated resource management system, supporting performance tracking and maintenance across its distributed portfolio. Its integrated management system is certified to ISO 9001, ISO 14001 and ISO 45001 standards covering design, engineering, supply chain management, installation, commissioning, asset management and operations and maintenance of solar, wind and hybrid power plants, while a separate ISO/IEC 27001 certification covers information security for its data centre operations and supporting applications. Financing is structured through a mix of equity from development finance institutions and impact investors and debt from commercial and development banks, which the company uses to fund upfront capital costs on behalf of clients under long-term power purchase arrangements.

Market Position

Fourth Partner Energy operates in India's distributed and open access commercial and industrial solar and wind market, positioned among the larger independent developers in this segment. Its primary customers are large corporates across manufacturing, retail, IT, financial services, automotive and FMCG sectors seeking to decarbonise operations through on-site and off-site renewable power.

The company differentiates itself by offering solar, wind, hybrid and battery storage on a single integrated platform, combined with in-house financing capabilities backed by development finance institutions and impact investors, rather than operating as a single-technology equipment vendor or installer.

Procurement Considerations
  • Confirm current ISO 9001, ISO 14001, ISO 45001 and ISO/IEC 27001 certification validity for the relevant project scope
  • Assess site suitability for on-site solar versus open access power supply
  • Review long-term power purchase agreement terms and tariff structure
  • Evaluate financing structure and any upfront capital requirements
  • Confirm operations and maintenance service levels and response times
  • Check remote asset monitoring and reporting capabilities for the RMS platform
  • Verify state-specific open access and grid connectivity regulations
  • Assess timelines for project construction, commissioning and grid approvals
Funding, Recognition & Ecosystem
  • Equity investment from TPG’s The Rise Fund ($70 million in 2018, additional $25 million in 2021)
  • Equity investment from Norfund, the Norwegian Investment Fund for developing countries ($100 million in 2021, further tranche in 2023)
  • $275 million equity investment from a consortium of the International Finance Corporation, Asian Development Bank and DEG (2024)
  • Backing from British International Investment
  • Debt and equity relationships with financiers including KfW, responsAbility, Oikocredit and Investec-advised transactions
  • Great Place to Work Certified, including recognition among Best Workplaces in Energy, Oil & Gas
  • Industry awards including RenewX EPC Company of the Year, MERCOM Best Rooftop Developer and India Wind Forum Best Wind-Solar Hybrid Project
Natnavi Analysis

Fourth Partner Energy has built one of India's more established platforms for corporate renewable energy procurement, combining on-site solar, open access solar and wind, hybrid parks and battery storage under a single operating model. Its significance lies less in any single technology and more in the breadth of its offering: few Indian developers in the commercial and industrial segment provide solar, wind, hybrid and storage together with in-house project financing, which reduces the coordination burden for corporate buyers pursuing renewable energy or net-zero targets.

The company's sustained ability to attract capital from development finance institutions such as IFC, ADB, DEG and Norfund, alongside private impact investors, points to a track record that these institutions have judged creditworthy over multiple funding cycles since 2015. Its client base, spanning large multinational and Indian corporates across manufacturing, retail, IT and financial services, reflects meaningful penetration of the C&I renewable segment.

As with any project developer operating on long-term power purchase and asset-ownership models, outcomes for individual clients depend heavily on site-specific factors such as grid connectivity, state open access regulations and project-level financing terms, which procurement teams should evaluate independently of the company's broader track record. The recent expansion into Southeast Asian markets extends the same model beyond India, though the depth of operations in each of those markets varies and would benefit from case-by-case verification.

Sources & References
Founded: 2010
Company Stage: Growth-Stage Company
Headquarters
Hyderabad, Telangana, India
Geographic Presence
2010Fourth Partner Energy operates on a pan-India basis, with a headquarters in Hyderabad and offices across 14 cities, and has executed projects across more than 20 Indian states. The company commenced international operations in 2021 and now serves commercial and industrial clients in Indonesia, Sri Lanka, Bangladesh and Vietnam, delivering the same on-site and open access renewable energy model across these South and Southeast Asian markets.
Solution Type
Service Provider, System Integrator
Sustainability Outcomes
Business Transformation, Carbon Reduction, Renewable Energy Adoption, Sustainable Infrastructure
Industries Served
Automotive & Electric Mobility, Chemicals & Materials, Financial Services & Banking, Healthcare & Pharmaceuticals, IT & Digital Infrastructure, Manufacturing, Retail & Consumer Goods
Certifications: ISO 14001, ISO 27001, ISO 45001, ISO 9001
Last Reviewed: September 23, 2026

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