Our financing helped deliver multiple renewable energy projects that cut emissions while boosting business growth
India is the world’s third-largest producer and user of electricity. Its commercial and industrial sector, which includes cement, metals, pharmaceuticals and textiles, uses about half of the country’s power and plays a major role in economic growth. Cutting emissions in this sector is vital to India’s energy transition and climate targets.
In 2021, we supported Fourth Partner Energy, a leading provider of renewable power solutions for commercial and industrial clients, with financing to support the construction of 217MW of renewable energy projects in India. We made a follow-on investment in 2022, to support a further 295MW of renewable capacity across India, Sri Lanka, Bangladesh, Indonesia and Vietnam. These projects were projected to avoid nearly 326,000 tonnes of CO2 emissions annually, mostly in India. By providing mezzanine finance at a critical stage, we enabled Fourth Partner Energy to scale its open access model, attract additional institutional capital, and expand from distributed solar into larger-scale renewable projects.
Since then, Fourth Partner Energy has connected commercial and industrial businesses to cheaper, more reliable renewable power. This has not only reduced emissions, but also driven productivity gains for its clients, demonstrating that the energy transition can support, rather than constrain, economic growth. In 2025, we published an independent evaluation by Itad and Steward Redqueen, which found that Fourth Partner Energy’s customers gained about $344 million in extra value each year, as a result of switching to lower-cost renewable energy, equivalent to around 3 per cent of their total annual output. It also estimated that the switch to renewable power helped avoid about 3.23 million tonnes of carbon emissions annually.
