In the joint venture company Empat Mitra Indika Tenaga Surya, Indika Energy holds 51% and Fourth Partner Energy holds 49% stake.

Fourth Partner Energy, a solar energy solutions provider, has entered into a partnership with Indonesia’s energy major, Indika Energy to offer a wide range of solutions and accelerate renewable energy transition.

The joint venture company Empat Mitra Indika Tenaga Surya (EMITS) will offer integrated solar, storage and EV charging solutions to various Indonesian businesses. Indika Energy will hold 51 per cent and Fourth Partner Energy 49 per cent stake in EMITS.

Vivek Subramanian, Co-Founder and Executive Director, Fourth Partner Energy, said, “This partnership with Indika Energy is an important part of our strategic international expansion into key markets across South East Asia. The commercial potential for renewable energy in Indonesia is immense – the Government aims to double its current share of clean energy and achieve nearly a quarter of its energy needs from renewables by 2025.”

“Indonesia, like India has a clear imperative towards aggressive decarbonisation. Indika Energy is the ideal partner for us in Indonesia as they have two decades of leadership as an integrated energy player with robust clientele and strong financials – together with Indika Energy’s local regulatory expertise and our execution prowess, we are confident that EMITS will be Indonesia’s leading renewable energy solutions platform,” he added.

President Director of Indika Energy M. Arsjad Rasjid said, “This joint venture is a manifestation of Indika Energy’s commitment to continue diversifying our business portfolios, achieve our sustainability goals, improve performance as well as contribute to Indonesia’s national energy interests. For Indika Energy, EMITS is expected to contribute to our efforts to increase revenues from the non-coal segment by 50 per cent by 2025.”

“The Indonesian Ministry of Energy and Mineral Resources has projected the total investment of over $36 billion by 2025 to achieve the 23 per cent renewable energy target.. EMITS expects to bring in at least $500 Mn into Indonesia in the next 5 years,” he said.

This partnership was facilitated by TPG’s impact investment arm, The Rise Fund – which is the majority shareholder in Fourth Partner Energy. Apart from operations in Indonesia, Fourth Partner Energy is looking to expand its international presence in Sri Lanka, Bangladesh, Vietnam, Myanmar and Singapore. The company currently has an installed base of 550 MW solar capacity across the distributed and open access portfolios across several States.