Fourth Partner Energy, a company in the distributed solar sector, on Monday said the Bank of America was extending to the firm ₹356.5 crore ($50 million equivalent) local currency revolving credit facility.
The company will deploy the funds to further grow its operational solar portfolio by close to 150 MW over the next 18 months. It has executed distributed solar projects with a cumulative capacity of 200 MW across 23 States in the country for over 150 corporate and government clients.
Co-founder Vivek Subramanian said “this access to capital from Bank of America is important not just to strengthen and expand our businesses at efficient costs, but also because this relationship with the bank can open the door to long-term capital solutions for the sector.”
A release from Fourth Partner said this line of credit is the Bank’s first locally denominated loan for commercial solar financing in India. This transaction expands upon the Bank’s Environmental Business Initiative, which deploys capital to low-carbon, sustainable business activities. Since 2007, Bank of America has directed more than $145 billion to these efforts through lending, investing, capital raising and developing financial solutions for clients around the world.
The revolving credit facility will help Fourth Partner explore new corporate partnerships and take on additional projects. The company has commenced international operations across Sri Lanka, Vietnam, Bangladesh, Nepal and Myanmar.
