Temasek, EQT Institutes O2 Power, A $500 Million Renewable Energy JV

The Gurgaon-based company will look at both greenfield project development and purchases, as it will also be able to leverage the equity commitment to raise debt. Temasek has a portfolio of $11 billion in India across both public and private companies. For EQT, this will be the first venture in the country

January 23, 2020. By News Bureau

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Singapore investment company Temasek, along with Swedish major EQT, has announced that it has set up a platform called O2 Power to develop and procure renewable energy assets in areas like solar and wind energy. The two investment firms have devoted $500 million in equity for the venture, which is aiming 4 gigawatts of installed capacity in the coming years.

The Gurgaon-based company will look at both greenfield project development and purchases, as it will also be able to leverage the equity commitment to raise debt. Temasek has a portfolio of $11 billion in India across both public and private companies. For EQT, this will be the first venture in the country.

O2 is being headed by Parag Sharma, former chief operating officer at ReNew Power.

“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,” said Fabian Grone, Partner at EQT Partners, in a statement.

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