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 “opportunities through greenfield development and acquisitions of early-stage assets” from other developers on behalf of KKR’s asset-based finance strategy.

Funding for the platform’s 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: “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.”

“Demand for clean power is greater now than ever before and I’m confident that with KKR’s strong backing, Stellar has the right foundation, resources and expertise to create an industry-leading renewable energy platform on a global scale,” Venkatachalam said.

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