Swedish investor EQT’s Infrastructure IV fund and Singapore government fund Temasek have announced the launch of O2 Power, a renewable energy platform in India.
O2 Power will target over 4 GW of installed solar and wind capacity in India, with total commitments of USD 500m in equity from EQT and Temasek to be deployed over several years.
Headquartered in Gurgaon in the northern Indian state of Haryana, O2 Power will deploy capital in greenfield and secondary market solar, wind and hybrid projects that have signed power offtakers.
The new platform will be led by Parag Sharma as ceo.
The EQT Infrastructure IV fund will be 60-65% deployed as a result of the O2 Power investment.
The fund reached a EUR 9bn final close in March last year and has to date made several US and European telecoms transactions, as well as acquiring the Saur Group French water company.
Temasek, which has a net portfolio value of USD 231bn, has recently invested in Singapore clean energy company Sunseap.