Symbiotics, the leading market access platform for impact investing, has arranged its first bond, the proceeds of which are solely used to finance renewable energy projects. It raised USD 17.14 million (INR 1,260,000,000) for Fourth Partner Energy Limited (“Fourth Partner Energy”), a commercial and industrial solar developer in India.
This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.). Investors in the bond are ASN Groenprojectenfonds (INR 345 million), Triodos Groenfonds (INR 345 million) and Symbiotics’ advisory and mandated funds (INR 570 million). The bond proceeds are to be fully used for a 4-year, senior unsecured, local currency loan to Fourth Partner Energy.
Operating for over a decade, Fourth Partner Energy is a leading solar developer providing solar energy solutions to commercial and industrial (C&I) clients in India. The company manages approximately 400 MW across its distributed and open-access portfolios for over 150 clients. The bond proceeds will be allocated by Fourth Partner Energy to build and operate a large number of turnkey small and medium-scale solar systems, mostly installed on the roofs of Indian enterprises.
“Rooftop solar for industrial and commercial use is a segment that Triodos has invested in via impact funds and its banking activities in Western European markets for many years now. We are pleased to add this important category to our portfolio of utility scale renewable energy projects as part of Triodos Greenfund’s emerging markets allocation. Distributed energy is expected to play an important role in the energy transition and Triodos is determined to expand and work with Fourth Partner Energy, ASN and Symbiotics as trusted partners to promote renewable energy, combining impact and solid returns.” noted Gerrit-Jan Brunink, Senior Investment Manager Energy & Climate at Triodos Investment Management.
Rosemarijn van der Meij, Fund Manager of ASN Groenprojectenfonds commented: “C&I rooftop solar has vast potential in India. The country hit hard by the COVID-19 crisis. It is crucial that local private companies continue to develop their business. In order to do so, foreign direct investments are essential. Medium, Small and Micro Enterprises, the backbone of the Indian economy, are likely to adopt solar energy at a large scale in the coming years as it is a cleaner and cheaper renewable energy alternative and provides tariff certainty for up to 25 years. ASN Groenprojectenfonds is proud to be co-investor in this innovative, solar PV financing for Fourth Partner Energy, the leading Indian C&I Solar developer.”
“This bond is a confirmation of Symbiotics’ ability to raise funds for sustainable and green companies in emerging and frontier markets. The issuance of this bond is fully aligned to our mission to foster sustainable development and wider adoption of green energy in emerging and frontier economies and we are excited to nurture and selectively grow this segment even further.” said Daniel Schriber, Head of Investments at Symbiotics.
Pradhyum Reddy, Head of Corporate Finance at Fourth Partner Energy said: “This line of credit from marquee impact investors like Symbiotics, Triodos and ASN is testament to the role of Commercial & Industrial customers driving the transition to clean energy. At Fourth Partner Energy, we are working hard to bring into India high quality global financiers committed to the long-term impact of distributed solar. We have a very healthy orderbook, and these two rounds of funding in quick succession, in what has otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments. We will be utilizing these funds for expanding our distributed solar footprint. We are delighted to welcome Symbiotics, Triodos and ASN as our Fourth Partners!”
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About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions. symbioticsgroup.com
About ASN
ASN Groenprojectenfonds is managed by ASN Beleggingsinstellingen Beheer BV (ABB). ABB has been constituted in 1993 by ASN Bank to execute the Bank’s vision, mission and strategy via impact investment funds. ABB currently manages ASN Beleggingsfondsen UCITS N.V. en ASN Beleggingsfondsen AIF N.V. Total assets under management as per end of June 2020: EUR 4.5 billion. asnbank.nl
About Fourth Partner Energy
Fourth Partner Energy is India’s leading solar energy solutions firm focusing on building and financing solar projects across the private, public sectors for commercial, industrial and institutional entities. It is a full-services Renewable Energy Services Company that offers end-to-end capabilities including Evaluation, Design, Planning, Procurement, Construction, Operation, Maintenance and Financing of critical solar infrastructure. Fourth Partner Energy is backed by TPG’s The Rise Fund which invested USD 70 million in the Hyderabad headquartered firm, in June 2018. With an operational portfolio of 400 MW installed capacity across both distributed and open access portfolios, the firm has now embarked on its journey to expand beyond distributed solar and into a variety of clean energy solutions including EV charging infrastructure, storage and floating solar. fourthpartner.co
About Triodos Investment Management
Triodos Investment Management connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, we serve as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. “We have built up in-depth knowledge throughout our 25 years of impact investing in sectors such as Energy & Climate, Inclusive Finance and Sustainable Food & Agriculture. We also invest in listed companies that materially contribute to the transition toward a sustainable society”. Assets under management as per end of June 2020: EUR 4.9 billion. Triodos Investment Management is a globally active impact investor and a wholly owned subsidiary of Triodos Bank NV. triodos-im.com
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For more information, contact:
Samy Derradji, Symbiotics, Corporate Communication Manager
samy.derradji@symbioticsgroup.com
Britt Enthoven, ASN Groenprojectenfonds, Corporate Communications Advisor
britt.enthoven@asnbank.nl
Nithya Balakrishnan, Fourth Partner Energy, Head of Marketing & Communication nithya@fourthpartner.co
Sandra Bergsteijn, Triodos, Investment Management, Head of Corporate Communications sandra.bergsteijn@triodos.nl
