Fourth Partner Energy Ltd. (FPEL) has secured ₹750 crore in financing from Tata Capital Cleantech Finance (TCCL) to implement a hybrid renewable energy project in the state of Maharashtra. This project will combine solar and wind energy with a battery energy storage system, aligning with the growing trend among developers aiming to provide corporate consumers with more predictable clean energy.
The overall project encompasses 300 MWp of solar capacity, 50 MW of wind energy, and a Battery Energy Storage System (BESS) with a capacity of 750 MWh. According to FPEL, this complex will be capable of generating over 630 million units of clean electricity annually for corporate clients in the state.
During a Friday briefing, the company announced that it received an initial tranche of nearly ₹375 crore out of the total approved financing of ₹750 crore. Pradhyum Reddy, Head of Corporate Finance and Renewable Capital at FPEL, provided this information.
This project is being realized against the backdrop of increasing demand from commercial and industrial consumers in India for more reliable sources of renewable electricity, as well as the developers' drive to integrate various generation sources with energy storage systems. Since solar and wind energy output depends on weather conditions and time of day, batteries allow for the storage of surplus electricity for use during periods of low generation, thereby stabilizing the power supply.
FPEL also reported securing commitments for over half of the project's capacity. Data centers in the vicinity of Mumbai show significant interest in hybrid renewable energy solutions as they seek to increase the share of clean electricity in their consumption.
Reddy noted that integrating battery storage systems with hybrid renewable sources is an optimal solution for corporations wishing to maximize round-the-clock renewable energy consumption. He also specified that this financing marks FPEL's second large-scale energy storage initiative after a 500 MWh project implemented jointly with the Inter-State Transmission System (ISTS) project in Karnataka.
Currently, FPEL operates over 250 MW of solar assets in Maharashtra, including facilities in Katole, Bodwad, and Dhule. Its corporate clients include Unilever, UltraTech, Varun Beverages, United Breweries, Ajanta Pharma, and Cognizant. The new project will expand FPEL's presence in the state and add storage to its renewable generation portfolio, potentially allowing it to offer corporate clients a more stable power supply profile than using standalone solar or wind installations.
As of September 2026, FPEL had an installed portfolio of 2 GW of solar and wind energy, with another 3 GW of projects under development across India. The company aims to reach a 9 GW portfolio by 2031, focusing on expanding its corporate client base and accelerating project execution.
This financing underscores the growing role of specialized lenders in supporting renewable energy projects that combine generation with storage. However, the extent to which such projects can provide round-the-clock renewable energy will depend on their operational structure, storage duration, generation profiles, and commercial terms agreed upon with clients. FPEL did not disclose the term of the financing, the interest rate, or repayment conditions.
