Fourth Partner Energy (4PEL) has partnered with Indonesia’s Indika Energy to form a joint venture, Empat Mitra Indika Tenaga Surya (EMITS), for setting up integrated solar, storage and electric vehicle (EV) charging projects in Indonesia, the firms said in a joint statement on Friday.
“EMITS expects to bring in at least $500 Mn into Indonesia in the next 5 years,” the statement said.
While Indika Energy will hold 51% stake in EMITS, the balance 49% stake will be held by Hyderabad-based Fourth Partner Energy, that has investors including TPG Capital, which has invested through its impact investment arm The RISE Fund.
Also, a European impact investment fund consortium led by Symbiotics, and responsAbility Investments are investors in 4PEL.
Fourth Partner Energy focuses on commercial and industrial (C&I) segment and has an operational portfolio of 400MW. It is building solar parks in Uttar Pradesh, Maharashtra and Tamil Nadu. It also has an equal JV with EV fleet operator, Lithium Urban Technologies, to set up solar powered EV charging infrastructure in India.
“This partnership with Indika Energy is an important part of our strategic international expansion into key markets across South East Asia.