The Chennai Angels today said it has invested Rs 3 crore in Fourth Partner Energy (4PEL), a Hyderabad based company focussed on distributed solar power.
This round of funding will help 4PEL enhance its capabilities, a release said.
Fourth Partner Energy was founded in 2010 by Vivek Subramanian, Saif Dhorajiwala and Vikas Saluguti. The company has completed over 300 solar installations across the country with marquee public and private sector companies.
"We are convinced that the distributed power segment will see explosive growth over the next few years. This disruptive application will call for financial engineering and execution skills, both of which 4PEL possesses in abundance," The Chennai Angels said.
Having built an end-to-end capability including design, turnkey execution, servicing and financial structuring of captive solar assets, 4PEL is well positioned to take a leadership role in a disruptive market segment.
"We are excited to partner with The Chennai Angels to leverage on their reach amongst credible businesses across India," Fourth Partner Energy's Vivek Subramanian said.
India faces significant power shortages and distribution is the weakest link in this value chain. With this backdrop, and given the extent of available sunlight, solar energy is a compelling alternative. It is a unique power source which can be generated and consumed locally.
