IFC-ADB, just climate in race to buy fourth partner energy

London-based energy fund Just Climate LLP and a consortium of World Bank arm International Finance Corporation (IFC) and Asian Development Bank (ADB) are in separate talks to acquire a majority stake in renewable energy firm Fourth Partner Energy, two people aware of the development said.

The proposal involves buying private equity firm TPG Capital’s 52% stake in Fourth Partner and making an additional investment in the Hyderabad-based company by purchasing new shares, at an enterprise valuation of $1 billion, they said.