Canada's AIMCO, OMERS, Brookfield to invest in Fourth Partner Energy: Report

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Canada’s Alberta Investment Management Corporation (AIMCo), Ontario Municipal Employees’ Retirement System (OMERS), Brookfield Asset Management Inc., and New York-based I Squared Capital are looking to invest in renewable energy firm Fourth Partner Energy Private Limited, according to a report by business daily Mint.

The deal involves buying private equity firm TPG Capital’s 52 percent stake in Hyderabad-based Fourth Partner Energy at an expected enterprise value of around $700 million and a fresh equity investment of $500 million.

Also Read: Cabinet approves National Green Hydrogen Mission with initial outlay of Rs 19,744 crore

Moneycontrol could not independently verify the report.

The suitors have submitted non-binding offers (NBO) for the transaction run by Bank of America and Investec, as per the report. Norway’s state-owned investment fund, Norfund, is also an investor in Fourth Partner.

Fourth Partner Energy’s co-founder and executive director Vivek Subramanian had said in an earlier interview to Mint that the company plans to raise fresh capital in its next funding round.

“Fourth Partner Energy is in the midst of a fund-raising round, and we cannot comment on any specific development at the moment. We have significant expansion targets for India and South East Asia and are on track to achieving the same,'' a Fourth Partner Energy spokesperson told Mint.

Fourth Partner Energy caters to the commercial and industrial segment was founded as a solar component and engineering, procurement and construction (EPC) firm in 2010.

It has 1 gigawatt (GW) installed green energy capacity, with operations in Vietnam, Bangladesh and Sri Lanka and plans to reach an installed capacity of 4-5GW in the next five years.

Also Read: MC Explains: What is National Green Hydrogen Mission and what is India’s policy?

On January 4, the government approved a Rs 19,744 crore National Hydrogen Mission to produce 5 million tonnes of green hydrogen annually by 2030. The scheme is expected to attract Rs 8 trillion in investments by 2030. The interest of global investors in India’s green energy space comes with the energy transition plans drawn up by the Centre.