Former ReNew Power big dogs head US$500m Indian clean energy platform

Gurgaon in North India where 02 Power will be headquartered. Credit: Flickr/Jon Evans

A new solar and wind power-focused platform in India, backed by US$500 million in equity from multi-billion-dollar asset managers EQT and Temasek, will be led by former big names from Goldman Sachs-backed clean energy developer ReNew Power.

The EQT Infrastructure IV fund, from the European alternative asset manager, and Singapore’s state investment firm Temasek this week announced the establishment of O2 Power, which will target more than 4GW of wind and solar capacity in India. The new venture will be headquartered in Gurgaon, near New Delhi, in northern India.

It will be led by CEO Parag Sharma, who was formerly COO at ReNew Power for seven years, overseeing the Goldman Sachs-backed firm as one of the dozen or so companies to utterly dominate large-scale Indian renewable energy deployment across wind and solar, particularly under the renewable energy pushes of Narendra Modi’s government.

Sharma commented: “We are excited about joining forces with EQT Infrastructure and Temasek. Besides capital from two of the most prominent investors in the world, we are looking forward to leverage their know-how and industry relationships to support the development of the O2 Power platform.”

He is joined at the top of 02 Power by an experienced management team consisting of Peeyush Mohit as COO, Nimish Agrwal as head of Solar and Rakesh Garg as head of Wind, all with ample experience in executing renewable energy projects in India.

“India presents significant investment opportunities being the second-largest renewable energy market in the world,” said Fabian Gröne, partner at EQT Partners and investment advisor to EQT Infrastructure. “This is not only EQT Infrastructure’s first investment in India, it is also well in line with our ambitions to contribute to a cleaner future.”

EQT has more than €62 billion in raised capital and around €41 billion in assets under management across 19 active funds, while Singapore-headquartered Temasek had a net portfolio value of around US$231 billion as of 31 March 2019.

Last December, ReNew Power signed off on a joint venture partnership with South Korea’s GS E&C to help develop a 300MW PV project in the Indian state of Rajasthan. 

Read Next

August 12, 2022
REC Solar and its parent company, Reliance Industries, have ramped up recruitment of staff for its India solar manufacturing plant.
August 12, 2022
Yingkou Jinchen Machinery has an agreement with Indian module maker Waaree to supply it with a 2.5GW high-efficiency module production line
August 11, 2022
The financial adversity of India’s struggling distribution companies (Discoms) has been reflected in a significant downgrading in the latest rankings by the Ministry of Power, giving yet more concern for renewable energy players
August 8, 2022
India deployed 8,359MW of solar PV in the first half of the year, marking a significant increase of 71% compared to the same period last year
August 3, 2022
Tata Power subsidiary Tata Power Green Energy has commissioned a 225MW hybrid wind and solar project in the Indian solar hotbed state of Rajasthan.
August 1, 2022
India installed more than 12GW of solar PV in the financial year 2022 (FY2022) but this is expected to soar to more than 20GW in FY2023 as the country looks to accelerate its solar deployment, according to JMK Research.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event