Fourth Partner Energy has forayed into hybrid renewable energy solutions by commissioning a 70 MW wind-solar project in the Gondal city of Gujarat. The developer said the 70 MW hybrid project will supply clean energy at 25-35% cheaper rates than grid tariffs to corporate clients in New Delhi and Hyderabad.
Off-takers include Filatex, Linde, Nexus Malls (a Blackstone Group company), and Deccan Chemicals.
Fourth Partner Energy stated it executed the project within 10 months. It expects the plant to generate nearly 163 million units of clean energy annually. The project comprises 14 wind turbines supplied and erected by GE.
Karan Chadha, head of business development at Fourth Partner Energy, said the 70 MW plant is the first of many hybrid projects in the pipeline for Fourth Partner Energy. The company will soon commission projects across Karnataka, Tamil Nadu, and Maharashtra.
Chadha further added
“The C&I renewables market in India is set to grow by over 45 GW in the next five years – and Fourth Partner Energy is committed to meeting that demand by offering the entire suite of integrated RE solutions. Hybrid projects can deliver a capacity utilization factor (CUF) of nearly 60% compared to standalone wind or solar projects’ 20-30%. Further combining hybrid with battery energy storage system can take that to 80%.”
Through this plant, Fourth Partner Energy is supplying 10.8 MW of electricity to Filatex, one of India’s leading polyester yarn manufacturers.
The hybrid plant has been funded by Aseem Infrastructure Finance, which is backed by NIIF (National Investment and Infrastructure Fund). Aseem Infra provided a customized debt solution of up to INR 300 crore for the project.
Fourth Partner Energy has installed 1.3 GW of solar and wind assets and is targeting a 3 GW portfolio across India and Southeast Asia by 2025. “For off-site renewables, our focus is currently across Karnataka, Tamil Nadu, Uttar Pradesh, Maharashtra, and Gujarat. We believe the Centre’s waiver of transmission charges for renewables projects under ISTS (Inter State Transmission System) will be a game-changer. We are currently constructing a 600 MW project in Karnataka under this mechanism,” said Chadha. Fourth Partner Energy is currently backed by Norfund and TPG’s RISE Fund