Australia-based global infrastructure giant Macquarie Asset Management is in advanced negotiations to acquire a controlling 96% stake in Indian commercial and industrial (C&I) renewable energy provider Fourth Partner Energy.
The proposed transaction values Fourth Partner Energy at an enterprise value of approximately $2 billion (₹19,006 crore), with an equity valuation pegged at around $1 billion.
Deal Overview & Ownership Structure
If completed, Macquarie will buy out nearly all existing institutional investors, while the original founders will retain operational leadership. Indian Oil Corporation Ltd (IOCL) was also in the race as another key contender before Macquarie emerged as the frontrunner.
Exiting Institutional Shareholders:
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Norfund (Norway’s state fund) – currently holds ~30%
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IFC, ADB & DEG Consortium – currently hold ~55% combined
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TPG Rise Fund – currently holds ~10%
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British International Investment (BII)
Key Operational Metrics & Scale
Fourth Partner Energy is one of India’s leading distributed solar and renewable energy platforms, supplying clean power directly to commercial and industrial corporations under long-term power purchase agreements (PPAs).
| Metric | Details / Figures |
| Commissioned Capacity | 3.6+ GW (India & Select Overseas Markets) |
| Under-Development Projects | 800+ MW (Wind-Solar Hybrid) |
| Energy Storage (BESS) | 50+ MW Capacity Executed |
| 2031 Installed Target | 9.0 GW |
| FY25 Consolidated Revenue | $101.7 Million (Up 37% YoY from $75.6 Million) |
| FY25 EBITDA | $56.0 Million (More than doubled from $25.3 Million) |
| Key Enterprise Clients | Meta, Walmart, Unilever, Hyundai, Tata Motors, ITC, Nestle, TCS, Wipro, UltraTech Cement, Skoda, D-Mart |
Industry Context: Rising Demand in India’s C&I Clean Energy Sector
India’s C&I solar and renewable energy market is rapidly growing as major corporate consumers rush to meet internal net-zero targets and lower electricity tariffs compared to grid power.
According to credit rating agency Crisil Ratings, installed renewable capacity within India’s C&I segment is projected to jump to 57 GW by fiscal 2028, up from an estimated 40 GW in fiscal 2026.
