Fourth Partner Energy Secures Rs 750 Crore Funding For Maharashtra Hybrid Renewable Project

Fourth Partner Energy Ltd has secured 750 crore rupees in financing from Tata Capital Cleantech Finance to build a hybrid renewable energy project in Maharashtra. The project brings together solar, wind and battery storage to supply clean power to businesses in the state.

Project Details

The new energy installation includes 300 megawatts-peak of solar capacity, 50 megawatts of wind power and a battery energy storage system with a 750 megawatt-hour capacity. FPEL stated that the facility will produce more than 630 million units of clean electricity every year for corporate clients. Pradhyum Reddy, who serves as the head of corporate finance and renewable capital at FPEL, noted that the company has already received nearly 375 crore rupees from the total sanctioned amount.

Market Demand

Businesses and data centres located around Mumbai want more reliable renewable electricity to power their daily operations. FPEL already has commitments for more than half of the total capacity of this new project. Reddy explained that mixing battery storage with wind and solar helps companies use renewable energy all day and night. FPEL currently manages over 250 megawatts of solar assets in Maharashtra with sites in Katol, Bodwad and Dhule, while its nationwide portfolio includes 2 gigawatts of operational capacity and 3 gigawatts under development, with a target of reaching 9 gigawatts by 2031.

Context

Renewable energy sources like solar and wind produce power only when the sun shines or the wind blows, making battery storage systems essential for keeping electricity supplies steady. Large commercial electricity users often look for hybrid energy setups to meet their clean energy goals and reduce dependence on traditional fossil fuels.