NEW DELHI, March 5 -- Fourth Partner Energy (4PEL) has partnered with Indonesia's Indika Energy to form a joint venture, Empat Mitra Indika Tenaga Surya (EMITS), for setting up integrated solar, storage and electric vehicle (EV) charging projects in Indonesia, the firms said in a joint statement on Friday.

"EMITS expects to bring in at least $500 Mn into Indonesia in the next 5 years," the statement said.

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While Indika Energy will hold 51% stake in EMITS, the balance 49% stake will be held by Hyderabad-based Fourth Partner Energy, that has investors including TPG Capital, which has invested through its impact investment arm The RISE Fund.

Also, a European impact investment fund consorti...