Fourth Partner Energy forms a JV with Indonesia-based Indika Energy
Fourth Partner Energy, a solar solutions firm based in Hyderabad, and Indika Energy of Indonesia have formed a joint venture to provide integrated solar, storage and EV charging solutions to Indonesia’s businesses.
Indika Energy will hold 51% stake and Fourth Partner Energy the rest in Empat Mitra Indika Tenaga Surya (EMITS), the JV company that seeks to play a vital role in the backdrop of Indonesia aiming to double the share of clean energy and achieve nearly a quarter of the country’s energy needs from renewables by 2025.
Co-founder and ED of Fourth Partner Energy Vivek Subramanian, referring to the growth potential in Indonesia, said the partnership with Indika is also an important part of the firm’s strategic international expansion into key markets across South East Asia. EMITS will enable the transition through a simple value proposition to the consumer — cleaner electricity at lower rates than grid tariffs — to help meet their sustainability goals. It stood to benefit from Indika Energy’s on-ground leadership as an integrated energy player as well as local regulatory expertise and Fourth Partner’s execution skills, he said.
President director of Indika Energy M.Arsjad Rasjid said the Ministry of Energy and Mineral Resources (MEMR) of Indonesia has projected total investment to achieve the 23% renewable energy target by 2025 upwards of $36 billion. Realising this potential requires intensified collaboration with various stakeholders, including the private sector. EMITS expects to bring in at least $500 million into Indonesia in the next five years.