FP Energy PF (IFC-46362)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 19, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
FOURTH PARTNER ENERGY PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 343.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 3, 2024

Disclosed by Bank Nov 26, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed project involves a debt investment in restricted group of companies (“RG”) owned by Fourth Partner Energy Private Limited (“FPE” or the “Sponsor”), for financing 602 MWp portfolio of distributed generation assets, comprising (i) 419 MWp of Onsite solar (“RTS”) plants and (ii) 183 MWp (considering 37.8 MW for wind),  offsite, ground mounted solar and wind-solar hybrid power plants under the Open Access (“OA”) model, supplying power to Commercial and Industrial (C&I) clients across India through long term PPAs.  IFC is the mandated lead arranger for the entire debt portion.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated at c. US$ 343 million. The total debt financing includes (a) IFC’s own account investment of c. US$ 55 million in INR, (b) c. US$ 148 million to be mobilized by IFC through parallel lenders, and (c) blended finance of c.US$ 25 million.

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The major current shareholders in FPE are Texas Pacific Group and Norfund.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Project Sponsor is Fourth Partner Energy Private Limited; the company was founded in 2010 and is one of the largest renewable energy (“RE”) developers in India focused on C&I segment with c.1018 MWp of capacity (589 MWp operational). In addition, it also provides hybrid energy, storage solutions and EV charging solutions to C&I companies.

 
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Fourth Partner Energy Private Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Fourth Partner Energy Private Limited
Jignasa Jani Visaria
Head, Renewable Capital
+919819028939
rc@fourthpartner.co
Fourth Partner House, 11th floor, Kura Tower Metro Pillar #C1335, Sardar Patel, Begumpet, Hyderabad
Fourthpartner.co

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works