March 5, 2021
Empat Mitra Indika Tenaga Surya (EMITS) is a JV between India’s 4PEL and Indonesia’s Indika Energy.
Like 4PEL, EMITS will offer integrated solar, storage and EV charging solutions to Indonesia’s businesses.
This alliance with Indika Energy is vital to India’s international expansion into key markets across South East Asia.
In India, 4PEL has 550 MW solar capacity, with solar parks and Ev charging infrastructure under construction.
Fourth Partner Energy (4PEL), one of India’s leading solar solutions firms, announced a partnership with Indonesia’s energy major, Indika Energy. This joint venture (JV) company Empat Mitra Indika Tenaga Surya (EMITS) shall not only help Indonesia’s renewable energy transition but is also vital to India’s strategic international expansion into key markets across South East Asia. Like Fourth Partner Energy’s India portfolio, EMITS will offer integrated solar, storage and EV charging solutions to Indonesia’s businesses. Indika Energy will hold 51 percent and Fourth Partner Energy 49 percent stake in EMITS. In Indonesia especially, the scope for renewable expansion is immense, and aiming to tap this, the government aims to double its current share of clean energy by 2025.
This comes in the backdrop of Netherlands’ SHV Energy and India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) separately looking to buy a stake in 4PEL for about $150 million. This JV will also attract several foreign investments in Fourth Partner Energy including a European impact investment consortium led by Symbiotics and responsAbility Investments.
Fourth Partner Energy, India’s leading solar energy company, focuses on the commercial and industrial (C&I) segment and has an operational portfolio of 400MW. It also has an equal JV with EV fleet operator, Lithium Urban Technologies, to set up solar powered EV charging infrastructure in India. Aiming to expand internationally, 4PEL is looking at Sri Lanka, Bangladesh, Vietnam, Myanmar and Singapore, other than Indonesia. In India, is has an installed base of 550 MW solar capacity, with solar parks under construction in Uttar Pradesh, Maharashtra, Tamil Nadu, Chhattisgarh, and Gujarat. Fourth Partner Energy has also set up a 50:50 JV with leading commercial EV fleet operator, Lithium Urban Technologies in India to set up solar powered EV charging infrastructure across the country. Cities of Pune and Gurugram have already been commissioned charging hubs, while hubs across Mumbai, Hyderabad, Kolkata, Chennai, and Jaipur are in the pipeline.