Fourth Partner Energy raises about $2 million

Funding to enable the solar energy firm to extend more financing options. The company also received a commitment under the Seed Capital Assistance Facility (SCAF).

Fourth Partner Energy, a company focussed on Distributed Solar Power, has raised about Dollar 2 million. Without giving the exact amount coming in through the new round of Series-A funding, the company on Wednesday said Infuse Ventures, a sustainability and clean technology fund, led this round of investment.

There was also a commitment from Fourth Partner’s existing investors - The Chennai Angels (TCA).

The company also received a commitment under the Seed Capital Assistance Facility (SCAF) implemented through the United Nations Environment Programme and the Asian Development Bank, a release said.

Founded in 2010, Fourth Partner Energy has offices in Hyderabad, Pune, Gurgaon, Chennai, Rajkot and Jaipur. It offers end-to-end solutions, including financial structuring, design, turnkey execution and servicing of captive solar assets.

The company is a full-services RESCO (Renewable Energy Services Company) and the additional round of funding will enable it to extend more financing options to their clients.

The biggest problem holding the sector back is availability of finance which the company will focus on. “We see a lot of capital waiting to enter the Indian market to support the aggressive growth plans of the solar industry,” said Vivek Subramanian of Fourth Partner Energy.

"Fourth Partner is well-placed to tap the opportunities unfolding in this space. We look forward to working with the Fourth Partner Energy in bringing innovations in the solar sector”, said Amber Maheshwari, Vice-President, Infuse Ventures.