Question : Which companies join hand for setting up joint venture company EMITS to provide solar, battery storage and EV solutions to the Indonesia ?
(a) Fourth Partner Energy and First Source Ltd
(b) Fourth Partner Energy and Indika Energy
(c) Indika Energy and 3I Infotech
(d) None of the above
Ans.(b)
Related facts
- Fourth Partner Energy, India’s leading solar solution firm, has recently(March 2021) announced a partnership with Indika Energy to provide solar, battery storage and EV solutions to Indonesia.
- Both companies join hands for setting up joint venture company EMITS.
- EMITS stands for — Empat Mitra Indika Tenaga Surya.
- EMITS will accelerate Indonesia’s renewable energy transition.
- It will offer integrated solar, storage and EV charging solutions to Indonesia’s businesses.
Ownership structure
- Indika Energy will hold 51 per cent and Fourth Partner Energy 49 per cent stake in EMITS.
- This partnership was facilitated by TPG’s impact investment arm, The Rise Fund – which is the majority shareholder in Fourth Partner Energy.
- With over USD 5 billion in assets under management, The Rise Fund is the largest private markets social impact fund in the world.
Other Indian projects of Fourth Partner Energy
- 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.
- Charging Hubs across Pune and Gurugram have already been commissioned, while hubs across Mumbai, Hyderabad, Kolkata, Chennai and Jaipur are in the pipeline.
By — Pankaj Pandey.