KKR launches Aster Renewable Energy platform in Asia – pv magazine International
Global investment firm KKR announced the launch of Aster Renewable Energy (“Aster”), a newly created renewable energy platform to develop, build and operate solar, wind and energy storage projects in Taiwan and in Vietnam, with a view to expanding to other markets in Asia.
Based in Singapore, Aster seeks to invest in high-quality renewable energy assets by leveraging the team’s cutting-edge development expertise. Aster will be led by CEO Chen Wei, an industry veteran with over 20 years of experience managing and building renewable energy businesses across Asia. Mr. Chen brings deep expertise and an extensive network to Aster, as well as significant experience leading a successful pan-Asian renewable energy platform. Alongside his management team, he will be responsible for identifying, planning and executing investment opportunities for Aster. In Taiwan, Aster will be led by Country Manager Adam Huang, an experienced developer and investor in renewable energy, particularly in the solar space. Today, Aster is operating a commercial solar PV project in Taiwan as the platform’s first project.
The launch of Aster is based on the strong momentum of investment and development of renewable energies in Asia and on KKR’s vast experience in this sector. Since 2011, KKR has deployed approximately US$4.0 billion globally in renewable assets, such as solar and wind, which have an operational power generation capacity of 14.2 GW, as of December 31 2021. In Asia, KKR sees renewable energy as the core of its infrastructure strategy and seeks to seize significant opportunities in the region. In 2020, KKR established Virescent Infrastructure, a renewable energy platform to own and operate renewable assets in India.
Michael de Guzman, Managing Director of KKR’s Asia-Pacific Infrastructure team, said: “The launch of Aster reflects KKR’s confidence in the renewable energy sector in Asia and the important role it plays in our strategy. expanded infrastructure in Asia. We believe we have reached an inflection point where there is a strong convergence of favorable geography and resources, favorable government policies, and demand for sustainable energy solutions to meet the growing needs of the region. With our global expertise and local knowledge, KKR is well positioned to invest and advance the energy transition through Aster in Taiwan, Vietnam and Asia, and Virescent Infrastructure in India.
Mr. Chen said, “I am extremely excited about this unique opportunity to bring Aster to its full potential. There is significant demand and momentum for renewable energy in the region, and I look forward to maximizing our team’s experience and networks, as well as KKR’s deep expertise, to help Aster seize these opportunities. Aster will continue to invest in great opportunities and talent to help improve KKR’s infrastructure strategy.
KKR established its global infrastructure strategy in 2008 and has since been one of the most active infrastructure investors in the world with a team of approximately 75 dedicated investment professionals. The firm currently oversees approximately US$40 billion in infrastructure assets globally and has completed approximately 65 infrastructure investments across a range of subsectors and geographies. In Asia-Pacific, KKR combines the capabilities of its local teams across the region with KKR’s global industrial and operational expertise to add value to businesses.
KKR makes its investment from its Asia Pacific Infrastructure Fund.