EQT Infrastructure IV fund and Singapore state investment firm Temasek have launched O2 Power, a renewable energy platform in India.

Both the companies have committed to invest a sum of $500m in equity capital for the development of O2 Power.

The partnership is planning to develop the new O2 Power platform over the coming years with the aim to achieve more than 4GW of installed renewable power generating capacity across solar and wind.

Temasek investment group joint head Nagi Hamiyeh said: “We seek opportunities to invest in solutions that contribute to a better and more sustainable world.

“The partnership with EQT to establish O2 Power is consistent with our focus on sustainable living, and in particular, the development of eco-conscious energy solutions.”

O2 Power will focus on developing utility scale renewable projects

O2 Power will focus on developing utility scale renewable projects across solar, wind, and hybrid.

EQT Infrastructure said that the investment in the platform is in line with the company’s thematic approach to invest in sustainable solutions which is directed by the United Nations’ Sustainable Development Goals (SDGs).

EQT Infrastructure IV is a fund launched by Sweden-based investment organisation, EQT in 2018. With this transaction, the fund is estimated to be around 60-65% invested.

O2 Power CEO Parag Sharma said: “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.”

In October last year, Temasek, through its subsidiary Kyanite Investment, had offered to acquire an additional stake of 30.55% in Singaporean conglomerate Keppel in a deal worth $3bn.

Headquartered in Singapore, Temasek is a global investment company with a net portfolio value of $231bn as at 31 March 2019.