Fourth Partner Energy

Full-stack in-house capability from evaluation through financing for solar, wind and battery storage projects, plus EV charging.

Long-term PPA-based distributed solar model that cuts clients' power costs versus traditional thermal power.

Core client base across corporate and public-sector segments in India.

2,000 projects commissioned for over 300 marquee clients including Walmart, Unilever, Skoda, Hyundai, Tata Motors, Linde, Akzo Nobel, Ultratech Cement, Heidelberg, TCS and Wipro.

Under FPEL's on-site solar model, the company itself is responsible for asset management and O&M for the client's plant throughout the full duration of the Power Purchase Agreement — a long-term managed service relationship rather than a one-off sale.

Clients get a user-friendly RMS dashboard giving real-time visibility into plant performance, including daily generation, efficiency metrics and deviation alerts — a self-service/automated layer to the relationship alongside the managed O&M service.

FPEL also offers standalone annual O&M/service agreements, separate from the PPA, under which it takes over the entire plant's maintenance post-commissioning — extending the service relationship to clients who own their system outright (e.g. under the CAPEX model).

Growth via the Renewable Energy Service Company (RESCO) model, contracting directly with industrial, commercial and public-sector clients.

Headquartered in Hyderabad with offices in 13 other Indian cities and an international presence in 5 countries.

Building and financing renewable energy projects, and expanding into wind-solar hybrid, EV charging infrastructure, battery storage and floating solar.

Acquiring operating distributed-solar and rooftop portfolios from other developers to add installed capacity quickly.

As of June 2025, FPEPL held total up-capacity (operating plus under-construction) of 2,118 MWp — 1,613 MWp solar and 504 MWp wind — across its various project SPVs, of which 1,243 MWp (1,056 MWp solar, 188 MW wind) was already commissioned under distributed and open-access mechanisms, per credit rating agency ICRA.

FPEPL carried Rs. 1,385 crore of long/short-term fund-based, non-fund-based and non-convertible-debenture facilities outstanding as of November 2025, rated [ICRA]A (Stable)/[ICRA]A2+ — an established rated-debt capital base the company draws on to fund project construction.

Co-founders Saif Dhorajiwala (ex-Tata Motors, ex-Avigo Capital) and Vivek Subramanian (ex-Accenture, ex-Avigo Capital) lead the company. Its board includes representatives from investors Norfund, TPG Growth and IFC — e.g. Norfund's Anders Blom brings over 17 years in the power sector — alongside independent directors with 25-30+ years of finance and infrastructure experience.

Tie-up with integrated energy major Indika Energy to offer solar solutions to corporates in Indonesia.

Long-running relationships with development finance institutions and impact investors funding growth: TPG/The Rise Fund, Norfund, CDC, responsAbility, Symbiotics, Bank of America, IFC, ADB and DEG.

Solar power sold to industrial, commercial and public-sector clients under long-term PPAs.

Per ICRA's FY2025 audited ratios, standalone total debt stood at 19.71x OPBDITA (down sharply from 433.58x in FY2024) and consolidated total debt was 14.26x OPBDIT (down from 22.27x) — the cost base is dominated by debt service on project financing rather than by operating expenses, typical of a capex-heavy RESCO/IPP model.

Standalone interest coverage was just 0.02x in FY2024, improving to only 0.29x in FY2025 (consolidated 0.59x and 0.82x) per ICRA's audited figures — operating profit at the standalone entity still does not fully cover interest expense, so financing/interest cost remains a major component of the overall cost base.

ICRA describes FPEPL as 'primarily an EPC company at the standalone level, undertaking construction and installation activities,' with power assets then held under separate SPVs financed via the opex/PPA model. Standalone OPBDITA/OI margin was just 0.27% (FY2024) and 3.48% (FY2025) versus a much higher consolidated OPBDIT/OI margin of 39.69% and 55.87% — consistent with a near-cost-recovery EPC/construction cost structure feeding into higher-margin generation assets once commissioned.