Global investment firm KKR said on Wednesday that it had launched Stellar Renewable Power, a new platform that will source, develop and operate utility-scale solar plants and storage facilities on behalf of KKR’s Asset-Based Finance strategy.
Vijay Venkatachalam, a renewable energy expert with vast experience in development of utility-scale solar energy projects, will head the new platform.
Meanwhile, funding for Stellar’s activities will be ensured through separate insurance accounts managed by KKR, the company said.
“As 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,” Christopher Mellia, Managing Director at KKR, said in a statement.
“As long-term investors in renewable energy, we see tremendous potential to build a leading, differentiated solar development platform,” Anup Agarwal, Chief Investment Officer of Global Atlantic, a majority-owned subsidiary of KKR, said.
“With Vijay’s leadership and the support of KKR and Global Atlantic, Stellar will be well-positioned to capitalize on the significant growth opportunities that we are seeing in this space,” Agarwal added.
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