KKR has set up a new platform that will source, develop and operate utility-scale solar plants and storage facilities.
The global investment firm has launched Stellar Renewable Power, a platform that will source 鈥渙pportunities through greenfield development and acquisitions of early-stage assets鈥� from other developers on behalf of KKR鈥檚 asset-based finance strategy.
Funding for the platform鈥檚 activities will come from separate insurance accounts managed by KKR.
The Stellar Renewable Power platform will be led by renewable energy expert Vijay Venkatachalam who will be building out a team over the coming months. Stellar Renewable Power plans to open offices in India and Dallas, Texas.
Christopher Mellia, managing director at KKR, said: 鈥淎s the need for renewable energy continues to grow substantially, we look forward to working together with Vijay and his team to source and develop high-quality solar energy investments that are a strong fit for our long-term capital.鈥�
鈥淒emand for clean power is greater now than ever before and I鈥檓 confident that with KKR鈥檚 strong backing, Stellar has the right foundation, resources and expertise to create an industry-leading renewable energy platform on a global scale,鈥� Venkatachalam said.
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