A global infrastructure giant is closing in on a $2 billion deal to buy out almost the entire ownership of one of India's biggest clean energy platforms.
Here's the gist: Macquarie Asset Management is in advanced talks to acquire a 96% stake in Fourth Partner Energy, an Indian renewable energy company that powers factories and offices for names like Meta, Walmart, and Tata Motors.
The founders keep their sliver. Everyone else cashes out.
Think of them as the company that lets big businesses "go solar" without actually building or owning a single solar panel themselves.
They build the plant. They own it. They finance it. The client just signs a long-term deal and buys clean power at a fixed price.
It's called the commercial & industrial (C&I) renewable energy model — and it's become the backbone of how corporate India is quietly greening its electricity bill.
Founded in 2010 out of Hyderabad by Saif Dhorajiwala and Vivek Subramanian, the company has since commissioned over 3.6 GW of renewable capacity across India and abroad.
That's roughly enough clean power to run a mid-sized country's industrial base.
Here's who's cashing out, and how big their stake was:
That's basically the who's-who of global development finance deciding it's time to sell.
Macquarie is set to buy nearly all of it.
Indian Oil Corporation was also chasing this deal.
Think about that for a second — a state-run oil giant wanted to own a renewable energy platform.
That's the energy transition playing out in real time: fossil fuel companies bidding against infrastructure funds for clean power assets.
Macquarie appears to have won.
The deal values Fourth Partner Energy's equity at around $1 billion, on an enterprise value of $2 billion.
And the growth trail explains why:
Still losing money on paper. But the kind of loss investors love — shrinking, while the core business scales fast.
The company is targeting 9 GW of installed capacity by 2031. That's more than double what it has today.
This isn't just one company changing hands.
It's a signal.
India's corporate renewable energy market — the C&I segment — is projected to jump from 40 GW to 57 GW of capacity by fiscal 2028.
That's a market global capital wants in on, and it wants in now.
Macquarie isn't new to this game either — it's been on an acquisition spree across renewable platforms globally, from a $1.73 billion stake in a US solar developer to buying up European energy asset firms.
India's C&I clean power space, dominated by a handful of specialised players like CleanMax, Avaada, and Gentari, just became the next battleground.
Sixteen years ago, two founders started a company in Hyderabad betting that Indian businesses would pay for clean power on their own rooftops and open land.
Today, that bet is being valued at $2 billion by one of the world's largest infrastructure investors.
And the biggest validation isn't the price tag.
It's who showed up to bid for it — a global asset manager and a state oil giant, both wanting the same thing.
That's what the energy transition actually looks like up close.
That's all for now!
