Fourth Partner Energy (FPEL) is a TPG-backed renewable energy developer focused on distributed generation for commercial and industrial clients in India. Its core offering is a 370 MW rooftop solar portfolio spread across 24 states, supplying marquee corporates such as HUL, Walmart, D-Mart, Ultratech, Hyundai, Colorcon and TCS. Beyond rooftops, the company has commissioned more than 1.2 GW of open-access clean-energy projects and is currently building over 800 MW of wind-solar hybrid capacity, positioning itself as an integrated green power platform. FPEL has also executed battery energy-storage systems exceeding 50 MWh to complement its generation assets. Management has set a goal of expanding its installed base to 9 GW by 2031. Financially, the firm attracted $275 million of equity earlier this year from IFC, ADB and DEG, adding to prior backing from TPG. The recently completed ₹780 crore debt refinance further optimizes its capital structure to support growth.

Total raised

$718M

Funding rounds

10

Latest round

Debt Financing

Latest activity

Nov 2025