Indian renewable energy solutions developer Fourth Partner Energy Private Limited has secured a long-term loan of up to 1.2 billion rupees ($14.7 million) from the Asian Development Bank (ADB) to build and operate a 25 MW solar photovoltaic power plant.

Located in the Tirunelveli district of Tamil Nadu, India, the facility is expected to generate approximately 50.7 GWh of electricity annually and will sell electricity directly to commercial and industrial users. India's progressive open renewable energy policy allows a group of consumers to purchase electricity directly from independent power producers (IPPs).

Operation of the plant will avoid nearly 41,700 tons of CO2 emissions per year that would otherwise be generated by conventional fossil fuel plants.

ADB has supported renewable energy development in India since 2007, when it financed the first set of wind power projects under the IPP model. It subsequently financed solar independent power plants by assisting projects under the National Solar Mission and various national policies.

The fourth partner focuses on building and financing renewable energy projects for commercial and industrial consumers. It provides end-to-end capabilities including assessment, design, planning, procurement, construction, operation, maintenance and financing of critical solar, wind and battery storage infrastructure.