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Fourth Partner Energy, a solar power solutions provider, has announced it has raised about $ 2 million in the next round of Series-A funding.
Infuse Ventures, India’s top sustainability and clean technology fund, led this round of investment which also saw a commitment from Fourth Partner’s existing investors -The Chennai Angels. The additional round of funding will enable Fourth Partner Energy to extend more financing options to their clients.
The company also received commitment under the Seed Capital Assistance Facility (SCAF) implemented through the United Nations Environment Program and the Asian Development Bank.
“We see a lot of capital waiting to enter the Indian market to support the aggressive growth plans of the solar industry,” Vivek Subramanian of Fourth Partner Energy, said.
“We see ourselves as being a significant player in garnering investments to execute Government’s vision of 40GWp of rooftop solar by 2022,” he said.
“The biggest problem holding the sector back is availability of finance which the company will focus on. The team at Fourth Partner is well-placed to tap the opportunities unfolding in this space,” Amber Maheshwari, Vice-President, Infuse Ventures, said.
Founded in 2010 by Vivek Subramanian, Saif Dhorajiwala and Vikas Saluguti, Fourth Partner Energy has a pan-India presence with offices in Hyderabad, Pune, Gurgaon, Chennai, Rajkot and Jaipur. It has the capability to finance, design, turnkey execution and servicing of captive solar assets.
The company describes itself as a full-services RESCO (Renewable Energy Services Company) with almost 400 solar installations across India.
Set-up by IIMA’s Centre for Innovation, Incubation and Entrepreneurship, Infuse Ventures is a sustainability and energy-focussed incubation fund supporting entrepreneurs across renewables. It is backed by the Ministry of New and Renewable Energy (MNRE) and Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank.
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