Investment firm KKR has launched Aster Renewable Energy, a renewable platform aimed to develop, build and operate solar, wind and energy storage projects in Southeast Asia.
Taiwan and Vietnam will be the primary focus starting with its first solar PV project in Taiwan already under commercial operation, with a possible expansion to other Asian markets later on.
The launch of Aster will increase KKR’s interest in Asia, after it launched Virescent Infrastructure in India back in 2020.
The firm will be led by Chen Wei, who has more than 20 years of expertise in the renewable industry across Asia, and will have its headquarters in Singapore.
As of the end of 2021, KKR had an operational renewable power generation capacity of 14.2GW with a global investment exceeding US$4 billion since 2011.
Michael de Guzman, managing director of KKR’s Asia Pacific infrastructure team, said: “We believe we have reached an inflection point where there is a strong convergence of favorable geographical characteristics and resources, supportive government policies, and demand for sustainable energy solutions to meet the region’s growing needs.”
The launch of Aster builds on KKR’s increased interest in renewable energy. Last December it launched a new utility-scale solar and energy storage platform named Stellar Renewable Power.