Fourth Partner Energy has secured ₹750 crore in financing from Tata Capital Cleantech Finance to build a hybrid renewable energy project in Maharashtra, combining solar power, wind power and large-scale battery storage to supply corporate customers with more predictable clean electricity.
The announcement, reported on 23 October 2026, underlines a shift in India’s commercial clean-energy market: developers are no longer selling solar or wind alone, but pairing generation with storage so that supply holds up when the sun sets or the wind drops.
Maharashtra hybrid renewable project: what is being built
The Maharashtra hybrid renewable project comprises 300 megawatts-peak (MWp) of solar capacity, 50 MW of wind power and a battery energy storage system (BESS) with a capacity of 750 megawatt-hours (MWh).
Once operating, it is expected to generate more than 630 million units of clean electricity every year for corporate customers in the state, according to the company. Fourth Partner Energy (FPEL) said it has already received an initial disbursement of nearly ₹375 crore against the total financing sanction of ₹750 crore.
Pradhyum Reddy, FPEL’s head of corporate finance and renewable capital, said integrating battery storage with hybrid renewables was an ideal solution for companies seeking to maximise their renewable energy consumption around the clock.
Why storage changes the offer for corporate buyers
Solar and wind output varies with the weather and the time of day. Batteries store surplus electricity when generation is high and release it when generation falls, smoothing supply for buyers that need steady power.
FPEL said it has already secured commitments for more than half of the project’s capacity. Data centres around Mumbai have shown strong interest in hybrid renewable energy solutions as they seek to raise the share of clean electricity in their power consumption.
The financing is the company’s second large-scale battery storage offering, following a 500 MWh storage project being executed alongside its Inter-State Transmission System (ISTS) project in Karnataka.
A growing portfolio, and what is not yet disclosed
FPEL already operates more than 250 MW of solar assets in Maharashtra, at Katol, Bodwad and Dhule. Its corporate customers include Unilever, UltraTech, Varun Beverages, United Breweries, Ajanta Pharma and Cognizant, the company said.
As of September 2026, the company had an installed solar and wind portfolio of 2 gigawatts (GW), with another 3 GW of projects under development across India. It is targeting a portfolio of 9 GW by 2031.
In 2024, FPEL secured a $275 million investment from global impact investors, with the World Bank’s International Finance Corporation investing $125 million, the Asian Development Bank contributing $100 million and Germany’s DEG investing $50 million.
The company did not disclose the financing’s tenure, interest rate or repayment terms, and no completion date for the Maharashtra project has been announced. Those details will determine how far the project can go towards delivering round-the-clock renewable power in practice.
Key facts
- Financing: ₹750 crore (about $79.27 million) from Tata Capital Cleantech Finance; nearly ₹375 crore already disbursed.
- Project: 300 MWp solar, 50 MW wind and 750 MWh battery storage in Maharashtra.
- Expected output: more than 630 million units of clean electricity per year for corporate customers.
- Demand: commitments secured for more than half of capacity; strong interest from data centres around Mumbai.
- Company: 2 GW installed, 3 GW under development, 9 GW target by 2031.
For related climate coverage, see how Mexico is advancing its own large renewable programme: Mexico advances 66 solar and wind projects in renewable push.
Conclusion
The Maharashtra project shows where corporate clean power is heading: generation plus storage, financed by specialist lenders, aimed at buyers that need reliability as much as low emissions. Whether it delivers genuinely round-the-clock renewable electricity will depend on its operating design and commercial terms — but the direction of travel is clear.
