O2 Power is a renewable energy platform jointly established by EQT Infrastructure and Temasek to develop and execute utility scale renewable projects across solar, wind, and hybrid in India.
Headquartered in Gurgaon in the Northern Indian state of Haryana, O2 Power will focus on developing utility scale renewable projects across solar, wind, and hybrid with good quality off-takers via both greenfield project development and M&A.
O2 Power will target over four gigawatts of installed capacity across solar and wind and has received total commitments of USD 500 million in equity from EQT Infrastructure and Temasek to be deployed over the coming years.
O2 Power will be led by CEO Parag Sharma and have an experienced management team, possessing strong local knowledge and a proven track record of renewable projects in India.
Market trends and drivers
India has been identified as one of the most attractive renewable energy markets in Asia. India continues to see a strong growth in power demand driven by continued growth in its GDP, rising per capita power consumption, and the Indian government's push for 100% rural electrification, etc. Renewables are the best alternative to meet India's large and growing power demand.
India is one of the fastest-growing renewable energy markets globally, underpinned by the Indian government's strong push towards achieving its ambitious target of 175 gigawatts installed capacity by 2022 and 450 gigawatts by 2030.
The investment in the Platform is in line with EQT’s thematic approach to invest in sustainable solutions, guided by the United Nations’ Sustainable Development Goals (SDGs). The Platform contributes to society by providing households with renewable energy hence addressing the SDG 7.