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Fourth Partner Energy, a full-services Renewable Energy Services Company (RESCO), has announced it has raised about $ 2 million in Series-A funding.
Infuse Ventures, a sustainability and clean technology fund, led this round of investment which also had a commitment from Fourth Partner’s existing investors-The Chennai Angels (TCA). The money will enable Fourth Partner Energy to extend more financing options to its clients.
The company also received commitment under the Seed Capital Assistance Facility (SCAF) implemented through the United Nations Environment Programme and the Asian Development Bank.
“We see a lot of capital waiting to enter the Indian market to support the aggressive growth plans of the solar industry and see ourselves as being a significant player in garnering investments to execute Government’s vision of 40GWp of rooftop solar by 2022,” said Vivek Subramanian of Fourth Partner Energy.
“The biggest problem holding the sector back is availability of finance which the company will focus on. The team at Fourth Partner is well-placed to tap the opportunities unfolding in this space,” said Amber Maheshwari, Vice-President, Infuse Ventures.
Founded in 2010 by Vivek Subramanian, Saif Dhorajiwala and Vikas Saluguti, Fourth Partner Energy has a pan-India presence with offices in Hyderabad, Pune, Gurgaon, Chennai, Rajkot and Jaipur. It has thus far implemented over 400 solar installations.
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