Temasek-EQT joint venture to launch India green energy platform
MUMBAI: Singapore’s Temasek is teaming up with Swedish private equity group EQT to launch a new renewable energy platform for India that will build wind and solar farms ground up and acquire assets to bulk up. A group of four senior executives from ReNew Power, led by Chief Executive Officer Parag Sharma, is leaving their current organisation to lead this new platform 02 Power as the operating management team, people aware of the development told ET.
The two sponsors have promised an initial equity commitment of $500 million as the seed capital. On the back of that, the company will be raising leverage two to three times to fund both greenfield and brownfield ground-mounted projects in wind and solar electricity. The focus will also be on presence across the value chain and hybrids, battery storage and other frontier clean-energy initiatives.
