March 27, 2023

Inc. is considering the sale of a 52% stake in Indian renewable energy company Fourth Partner Energy, according to people familiar with the development.

The private equity firm is working with an adviser on the deal, said the people, who asked not to be identified as the information is private. A could value Fourth Partner at around $600 million, the people said.

Deliberations are ongoing and could decide to keep its stake for longer, the people said. Representatives for Fourth Partner and declined to comment.

The Texas-based investor put $70 million into Fourth Partner in 2018 through The Rise Fund, its social impact vehicle, and contributed an additional $25 million into the Hyderabad-based firm in June 2021, according to a statement. Norfund, the Norwegian Investing Fund for developing countries, also contributed $100 million.

Fourth Partner Energy, founded by former private equity fund managers Saif Dhorajiwala and Vivek Subramanian, works with companies, government and institutions to meet their renewable energy needs through solar and wind power, according to its website.

The company manages a portfolio of over 950 megawatts of power across plants in India, Vietnam, Indonesia, Bangaldesh and Sri Lanka, the website shows. Fourth Partner’s clients include Honeywell International Inc., Bridgestone Corp. and Hindustan Unilever Ltd.

Founded in 1992, TPG has $127 billion in assets under management as of June 30, according to a press release. The firm, which has 12 offices globally, raised $1 billion in an initial public offering on the Nasdaq in January.

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