Swedish investor EQT Infrastructure and Singapore counterpart Temasek have formed a joint venture to target 4GW of wind and solar in India.
The partners plan to invest up to US$500m through O2 Power, which will be headquartered in the northern state of Haryana.
The company will develop utility-scale projects, including hybrids, with backing from off-takers. Both greenfield development and acquisitions are on the agenda.
Parag Sharma will take the reins as chief executive while several senior appointments have also been made to head up wind and solar divisions.
Fabian Gröne, EQT Infrastructure investment advisor, said: “India presents significant investment opportunities being the second largest renewable energy market in the world and EQT is delighted about teaming up with Temasek and O2 Power.
“CEO Parag Sharma and his management team have a successful track record and EQT looks forward to work together in creating a future-proofed renewable energy platform.
Nagi Hamiyeh of Temasek added: “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.”