India: Netherlands’ SHV, NIIF eye stake in Fourth Partner Energy

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Netherlands’ SHV Energy and India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) are separately looking to buy a stake in Hyderabad-based Fourth Partner Energy (4PEL) for about $150 million, two people aware of the development said.

Fourth Partner Energy focuses on the commercial and industrial (C&I) segment and has an operational portfolio of 400MW. It is building solar parks in Uttar Pradesh, Maharashtra and Tamil Nadu. Mint reported on 29 September 2020 about the company appointing Investec to raise about $150 million through a stake sale.

“Fourth Partner Energy is working towards aggressive growth and expansion targets in coming months. Fund-raising is an ongoing process. However, we will not be able to comment further on any particular development,” a company spokesperson said.

This comes in the backdrop of distributed renewable energy generation attracting strong investor interest as the market has few developers with large portfolios. C&I projects are generally insulated from risks such as power procurement curtailment and tariff-shopping by state-owned distribution companies as seen in Gujarat, Andhra Pradesh and Punjab. They supply electricity to third-party and captive consumers who buy power from them, instead of depending on an expensive grid.

Fourth Partner Energy’s investors include TPG Capital, which has invested through its impact investment arm The RISE Fund, and a European impact investment fund consortium led by Symbiotics, and responsAbility Investments.

“As per NIIF policy, we do not comment on market speculation and information gathered from third-party sources,” an external spokesperson for NIIF said. Queries emailed to SHV Energy on 23 February remained unanswered.

An external spokesperson for TPG Capital also declined to comment. Queries emailed to Ajeeth Narayan, head, Investec India, and EverSource Capital spokesperson on 18 February remained unanswered.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.