Fourth partner energy raises Rs 13 crore

HYDERABAD: Clean-technology focused fund Infuse Ventures has led an investment of around Rs 13 crore in Fourth Partner Energy, which finances and builds rooftop solar projects for commercial, industrial and residential clients. The company has also received a significant commitment under the seed capital assistance facility from the United Nations Environment Program and the Asian Development Bank.

Existing investors in the Hyderabad-based startup, The Chennai Angels, also participated in the round. The angel group had put in Rs 3 crore in the five-year old startup last year. “We see a lot of capital waiting to enter the Indian market to support the aggressive growth plans of the solar industry, the financial viability of rooftop solar projects has been proven ,” said Vivek Subramanian, cofounder of Fourth Partner Energy.

The company has built 400 solar installations across India for public and private sector companies and aims to now target small and medium enterprises which need financial structuring services for the installation . The company plans on raising around $10 million (Rs 66.2 crore) in a subsequent round of funding over the next two years to fuel its expansion.