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Temasek, EQT launch renewable energy platform in India
SINGAPORE state investment firm Temasek Holdings and Sweden-based asset manager EQT, through its EQT Infrastructure IV fund, have launched O2 Power, a renewable energy platform in India, both companies said on Wednesday.
Both firms will invest a total of US$500 million in the platform, which is targeting over four gigawatts of installed capacity across solar and wind projects.
Temasek did not disclose its investment amount in O2 Power. With this transaction, the EQT Infrastructure IV fund is expected to have invested 60 to 65 per cent of its funds.
The platform, headquartered in Gurgaon in the northern Indian state of Haryana, will focus on developing utility-scale renewable projects across solar, wind and hybrid, with offtakers from greenfield projects, and mergers and acquisitions.
Parag Sharma will be the chief executive officer of O2 Power, along with a management team consisting of Peeyush Mohit as chief operating officer (COO), Nimish Agrwal as head of solar and Rakesh Garg as head of wind.
Mr Sharma was the COO of ReNew Power, a large Indian renewable energy company, for almost eight years according to his LinkedIn profile. Prior to that, he was a director at KPMG for about three years.
The platform contributes to society by providing households with renewable energy. This addresses the United Nations' Sustainable Development Goals (SDGs) 7, which ensures access to affordable, reliable, sustainable and modern energy for all, said Temasek and EQT.