Fourth Partner Energy Ltd. (FPEL) has secured USD 79 million in financing from Tata Capital Cleantech Finance (TCCL) to develop a hybrid renewable energy project in Maharashtra that combines solar, wind, and battery storage, according to a PTI report dated October 23. The financing comes as developers increasingly turn to energy storage to provide more predictable clean power to corporate consumers.

Project Configuration and Output

The project comprises 300 megawatts-peak (MWp) of solar capacity, 50 MW of wind power, and a Battery Energy Storage System (BESS) with a capacity of 750 megawatt-hours (MWh).

FPEL said in a statement on Friday that the project is expected to generate more than 630 million units of clean electricity annually for corporate customers in the state.

The company has received an initial disbursement of nearly USD 39.5 million against the total financing sanction of USD 79 million, said Pradhyum Reddy, FPEL's head of corporate finance and renewable capital.

Demand From Corporate Consumers

The project comes as India's commercial and industrial power consumers seek more reliable renewable electricity supplies and developers look to combine different generation sources with battery storage.

Solar and wind output varies with weather conditions and time of day, while batteries can store surplus electricity for use when generation falls, helping smooth supply.

FPEL said it has secured commitments for more than half of the project's capacity. Data centers around Mumbai have shown strong interest in hybrid renewable energy solutions as they seek to increase the share of clean electricity in their power consumption.

"Integrating battery storage with hybrid renewables is an ideal solution for corporates seeking to maximize their renewable energy consumption on a 24x7 basis," Reddy said.

Second Large-Scale Storage Offering

Reddy described the financing as the company's second large-scale battery storage offering, following a 500 MWh storage project being executed alongside its Inter-State Transmission System (ISTS) project in Karnataka.

Existing Maharashtra Footprint and Customers

FPEL already operates more than 250 MW of solar assets in Maharashtra, including projects at Katol, Bodwad and Dhule. Its corporate customers include Unilever, UltraTech, Varun Beverages, United Breweries, Ajanta Pharma and Cognizant, among others, the company said.

The new project will expand FPEL's presence in the state while adding storage to its renewable generation portfolio, potentially allowing it to offer corporate consumers a more consistent supply profile than standalone solar or wind projects.

Portfolio Size and Growth Target

As of September 2026, FPEL had an installed solar and wind portfolio of 2 gigawatts, with another 3 GW of projects under development across India. The company is targeting a portfolio of 9 GW by 2031, with a focus on expanding its corporate customer base and accelerating project execution.

Role of Specialized Lenders and Open Questions

The financing highlights the growing role of specialized lenders in funding renewable energy projects that combine generation with storage. However, the extent to which such projects can deliver round-the-clock renewable power will depend on their operating design, storage duration, generation profiles and the commercial terms agreed with customers.

FPEL did not disclose the financing's tenure, interest rate, or repayment terms.

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