Temasek Holdings, the state investment company of Singapore has combined with Sweden-based asset managing firm EQT through its EQT Infrastructure IV fund to launch O2 Power, a renewable energy platform in India.
The duo will pump in $500 million into the platform, seeking more than four gigawatts of installed capacity from solar and wind initiatives. While Temasek did not reveal its share of investment into the O2 Power scheme, EQT Infrastructure IV fund is said to have put in 60 to 65 percent of its funds.
Installed at Gurgaon in the northern Indian state of Haryana, the scheme aims to create utility-scale renewable initiatives across solar, wind and hybrid, with purchasers from mergers, acquisitions and greenfield projects. This is the maiden joint collaboration between Temasek and EQT in India, which happens to be the second most populous nation in the world.
The 02 Power scheme will be headed by Chief Executive Officer (CEO) Parag Sharma and assisted by a management panel comprising of Chief Operating Officer (COO) Peeyush Mohit, Head of Solar Nimish Agarwal and Head of Wind Rakesh Garg.
In a joint statement to the media, Temasek and EQT said that the objective of the project is to offer renewable energy to every home. This is in accordance with the Sustainable Development Goals (SDGs) 7 of the United Nations, which guarantees every individual with access to economical, dependable, feasible and modern energy options.
For the latest renewable energy platform in India, the two organisations have also reportedly committed to increasing the leverage two to three times to sponsor both greenfield and brownfield ground-mounted schemes in wind and solar electricity.