Investment firm KKR has launched a new utility-scale solar and energy storage development platform, dubbed Stellar Renewable Power.
Stellar is to develop greenfield projects and acquire early-stage assets from other developers, intending to capitalise on what the investor described as “significant growth opportunities” in the space.
KKR has appointed former SB Energy and SunEdison executive Vijay Venkatachalam to lead the platform and tasked him with assembling a team at Stellar over the coming months.
“As long-term investors in renewable energy, we see tremendous potential to build a leading, differentiated solar development platform,” Anup Agarwal, chief investment officer of KKR subsidiary Global Atlantic, said.
Project development and acquisition is to be funded from separate insurance accounts managed by KKR, the company said.
The launch of Stellar builds on KKR’s existing interests in the solar and energy storage sectors. In March 2019 the investor partnered with US renewables stalwart NextEra Energy Partners on a portfolio of projects and further partnered with solutions provider Crossover Energy Partners earlier this year to develop and operate renewables projects globally.