ADB funds Rs 1.2 billion loan for Fourth Partner Energy
POWER & RENEWABLE ENERGY

ADB funds Rs 1.2 billion loan for Fourth Partner Energy

Fourth Partner Energy has sealed an agreement with the Asian Development Bank (ADB) to secure a Rs 1.2 billion long-term loan for the construction and operation of a 25 MW solar open access project in Tamil Nadu's Tirunelveli district. The project will supply clean and economical solar energy to Fourth Partner Energy's commercial and industrial (C&I) clients, with an estimated annual electricity generation of 50.7 GWh.

By averting approximately 41,700 tonnes of carbon dioxide emissions annually, the project aids in mitigating the environmental impact that conventional fossil fuel power initiatives would have caused.

Suzanne Gaboury, ADB's Director General of the Private Sector Operations Department, emphasised the significance of open access energy procurement in achieving net-zero emissions goals. ADB's support to such initiatives helps advance renewable energy adoption across the region, contributing to sectoral decarbonisation.

ADB has been a proactive advocate for renewable energy growth in India. It started by funding early wind projects under the independent power producer model and has continued its involvement in solar independent power producer financing through alignment with national and state-level policies.

In line with its commitment to combat climate change, ADB introduced a financing program for the Asia Pacific region earlier this year.

Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy, expressed excitement about the partnership with ADB, supporting their ambitious renewable energy target of 3.5 GW by 2025. The company is also progressing with solar and wind parks in Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu.

Recent investments, including one from Norfund and another from the International Finance Corporation, reflect Fourth Partner Energy's commitment to expand its renewable project footprint and contribute to India's clean energy goals.

Fourth Partner Energy has sealed an agreement with the Asian Development Bank (ADB) to secure a Rs 1.2 billion long-term loan for the construction and operation of a 25 MW solar open access project in Tamil Nadu's Tirunelveli district. The project will supply clean and economical solar energy to Fourth Partner Energy's commercial and industrial (C&I) clients, with an estimated annual electricity generation of 50.7 GWh.By averting approximately 41,700 tonnes of carbon dioxide emissions annually, the project aids in mitigating the environmental impact that conventional fossil fuel power initiatives would have caused.Suzanne Gaboury, ADB's Director General of the Private Sector Operations Department, emphasised the significance of open access energy procurement in achieving net-zero emissions goals. ADB's support to such initiatives helps advance renewable energy adoption across the region, contributing to sectoral decarbonisation.ADB has been a proactive advocate for renewable energy growth in India. It started by funding early wind projects under the independent power producer model and has continued its involvement in solar independent power producer financing through alignment with national and state-level policies.In line with its commitment to combat climate change, ADB introduced a financing program for the Asia Pacific region earlier this year.Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy, expressed excitement about the partnership with ADB, supporting their ambitious renewable energy target of 3.5 GW by 2025. The company is also progressing with solar and wind parks in Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu.Recent investments, including one from Norfund and another from the International Finance Corporation, reflect Fourth Partner Energy's commitment to expand its renewable project footprint and contribute to India's clean energy goals.

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?