The Project sponsor is FPEL.  The company was founded in 2010 and is one of the largest (top 4) leading RE solutions provider to C&I clients in India. It provides end-to-end solutions for rooftop solar, wind and solar open access (“OA”), hybrid RE, and battery storage across India and select Southeast Asian (“SEA”) countries. The Company currently has a portfolio of c.1.5GWp which is either operational or under construction. In addition, it also provides hybrid energy, storage solutions and EV charging solutions to C&I companies. The major current shareholders in FPE are The Rise Fund (Texas Pacific Group-TPG) and Norfund.                                                    

 The total IFC investment is expected to be up to US$ 125 million.

The generation assets are located across 24 states in India.                                                 

 This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP). Most of these E&S risks and impacts occur only during the brief construction period. For example: air quality and noise impacts, community safety impacts from the temporary influx of project vehicles and workers, occupational health and safety (OHS), solar panel supply chain risks, and site clearing. During operations, the main E&S risks and impacts are related to stakeholder engagement and biodiversity management.

All land for open access solar panel and wind turbines installations has been or is being acquired on Willing Buyer / Willing Seller basis with no option of recourse to judicial expropriation. Site visits and interviews with landowners and community members reported no evidence that third-party tenants or sharecroppers were adversely affected by these transactions.