EQT and Temasek set up Renewable Energy JV ‘O2 Power’ in India

The EQT Infrastructure IV fund and Temasek have announced the establishment of O2 Power, a renewable energy platform in India.

EQT Temasek Renewable Energy

The EQT Infrastructure IV fund and Singapore’s Temasek have announced the establishment of O2 Power, a renewable energy platform in India. O2 Power will target over four gigawatts (GW) of installed capacity across solar and wind and has received total commitments of USD 500 million in equity from EQT and Temasek to be deployed over the coming years.

Headquartered in Gurugram, Haryana, O2 Power will focus on developing utility-scale renewable projects across solar, wind, and hybrid with good quality off-takers via both Greenfield project development and M&A.

The Platform will be led by Parag Sharma as CEO together with an experienced management team consisting of Peeyush Mohit as COO, Nimish Agrwal as Head, Solar and Rakesh Garg as Head, Wind, all with strong local knowledge and proven track records of executing renewable energy projects in India.

The investment in the Platform is in line with EQT’s thematic approach to investing in sustainable solutions, guided by the United Nations’ Sustainable Development Goals (SDGs). The Platform contributes to society by providing households with renewable energy hence addressing the SDG 7 – ensure access to affordable, reliable, sustainable and modern energy for all.

Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said that “India presents significant investment opportunities being the second-largest renewable energy market in the world and EQT is delighted about teaming up with Temasek and O2 Power. CEO Parag Sharma and his management team have a successful track record and EQT looks forward to work together in creating a future-proofed renewable energy platform. This is not only EQT Infrastructure’s first investment in India, but it is also well in line with our ambitions to contribute to a cleaner future.”

Nagi Hamiyeh, Joint Head, Investment Group at Temasek, added: “We seek opportunities to invest in solutions that contribute to a better and more sustainable world. The partnership with EQT to establish O2 Power is consistent with our focus on sustainable living, and in particular, the development of eco-conscious energy solutions.”

With this transaction, EQT Infrastructure IV is expected to be 60-65 percent invested.

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Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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