Singapore state investment firm Temasek and Sweden’s EQT have set up a renewable energy platform in India that aims to build solar and wind farms with total installed capacity of four gigawatts.
Temasek and EQT have committed $500 million in equity capital for the platform, called O2 Power, the Swedish investment firm said in a statement. The European firm made the commitment from its EQT Infrastructure IV fund. This is EQT Infrastructure’s first investment in India.
Gurugram-based O2 Power will focus on developing utility-scale renewable projects. It will also look for acquisition opportunities, the statement said.
O2 Power will be led by Parag Sharma as the CEO and Peeyush Mohit as the COO. Nimish Agrwal will head the solar vertical while Rakesh Garg will lead the wind division. Sharma was previously COO at ReNew Power Ltd, one of India’s biggest renewable energy companies.
EQT said the investment is in line with its approach to find sustainable solutions, guided by the United Nations’ Sustainable Development Goals that aims to ensure access to affordable, reliable and sustainable and energy for all.
“India presents significant investment opportunities being the second largest renewable energy market in the world,” said Fabian Gröne, partner at EQT Partners and investment adviser to EQT Infrastructure.