Hyderabad-based rooftop solar specialist Fourth Partner Energy (FPEL) has successfully secured ₹780 crore in refinancing from NIIF Infrastructure Finance Limited (NIIF IFL), covering a major portion of its India-wide rooftop portfolio.
FPEL currently operates an 370 MW rooftop solar portfolio across 24 Indian states, supplying clean energy to corporates such as HUL, D-Mart, Ultratech, Walmart, Hyundai, Colorcon and TCS.
“FPEL’s strategy was to identify a single lender for our entire rooftop solar portfolio and NIIF IFL was our first choice given their expertise in infrastructure financing and our experience with them… The refinancing solution provided by NIIF IFL is innovative and a first-of-its-kind in the distributed generation sector; it was turned around in just weeks.” — Jignasa Jani Visaria, Head – Renewable Capital, Fourth Partner Energy.
“The current transaction presented its own set of challenges arising out of the sheer volume of project sites, off-takers, PPAs and applicable regulations. As a testament to our solution-oriented approach, the current debt solution was meticulously structured for a niche segment that has a crucial role to play in India’s energy transition journey.” — Sourabh Shrivastava, Director – Business, NIIF IFL.
In addition to rooftop solar, FPEL has commissioned over 1.2 GW of clean-energy projects under the open-access route and is developing more than 800 MW of wind-solar hybrid power projects, positioning itself as a major integrated renewable energy solutions platform.
The refinancing supports FPEL’s broader goal to expand its installed base to 9 GW by 2031 — aided by a recent equity raise of US$275 million with backing from IFC, ADB and DEG.
Why this refinancing matters
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Capital efficiency: Consolidating financing under one lender enhances operational flexibility and reduces refinancing risk.
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Scale & diversification: The large rooftop portfolio across multiple states and corporate off-takers highlights FPEL’s maturity.
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Transition momentum: The deal underscores investor confidence in India’s distributed generation and rooftop solar segments at a time when renewables integration and financing innovation are critical for India’s energy transition.
