Fourth Partner Energy has closed a ₹7.8 billion (~$87.85 million) refinancing deal for most of its rooftop solar portfolio with NIIF Infrastructure Finance (NIIF IFL), a debt fund that provides financing solutions to operating infrastructure projects.

Fourth Partner currently has an operational rooftop solar portfolio of 370 MW across 24 states in India, supplying clean energy to corporates across various sectors, including HUL, D-Mart, Ultratech, Walmart, Hyundai, Colorcon, and TCS.

“Fourth Partner’s strategy was to identify a single lender for our entire rooftop solar portfolio, and NIIF IFL was our first choice given their expertise in infrastructure financing and our experience with them. The team at NIIF IFL was quick to understand the contours of our rooftop portfolio, including regulatory framework, business model, and diversified nature of the projects,” said Jignasa Jani Visaria, Head – Renewable Capital at Fourth Partner Energy.

Visaria noted that the refinancing solution provided by NIIF IFL was completed in just a few weeks.

Apart from its rooftop solar portfolio, Fourth Partner has commissioned over 1.2 GW of clean energy projects under the open access route and is currently developing more than 800 MW of wind-solar hybrid power projects.

The company has also successfully executed battery energy storage system projects with a capacity of over 50 MWh, catering to corporates seeking round-the-clock firm power.

Fourth Partner is also targeting an expansion of its installed base to 9 GW by 2031.

The company has earlier closed a round of equity funding of $275 million with IFC, ADB, and DEG.

NIIF IFL recently offered a cumulative funding of ₹6.8 billion (~$77.47 million) to Radiance Renewables and Sunsure Energy to support their projects, which provide renewable energy to commercial and industrial consumers.

The total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector globally, stood at $17.3 billion in the first nine months (9M) of 2025, 22% lower than the $22.3 billion raised in 9M 2024.

However, financing picked up in the third quarter (Q3) of 2025, totaling $6.5 billion across 49 deals, a 38% year-over-year increase from $4.7 billion across 29 deals in Q3 2024. Quarter-over-quarter, funding rose 8% from $6 billion in 39 deals in Q2 2025.

These figures were revealed in Mercom Capital Group’s 9M and Q3 2025 Solar Funding and M&A Report.