KKR Launches Renewable Energy Investment Platform in Asia
Global alternative asset and private equity investor KKR announced today the launch of Aster Renewable Energy, a new Asia-focused renewable energy investment platform. Aster will initially focus on developing, building, and operating solar, wind and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets in Asia.
Michael de Guzman, Managing Director of KKR’s Asia Pacific Infrastructure team, said:
“The launch of Aster reflects KKR’s confidence in Asia’s renewables sector and the important role it plays in our broader Asia infrastructure strategy. We believe we have reached an inflection point where there is a strong convergence of favorable geographical characteristics and resources, supportive government policies, and demand for sustainable energy solutions to meet the region’s growing needs.”
The launch marks the latest in a series of energy transition-focused moves for KKR. In December, the firm launched Stellar Renewable Power, a new platform aimed at originating long-duration high-yielding solar energy investments, and in 2020, KKR launched Virescent Infrastructure, a platform aiming to acquire, own and operate renewable assets in India. Over the past decade, KKR has deployed approximately $4 billion globally into renewable assets, which have an operational power generation capacity of 14.2 GW.
The new platform will be led by renewable energy industry veteran CEO Chen Wei. Wei joins Aster after serving as CEO of clean energy development and management platform Asia Cube Energy, and in senior roles at companies including SunEdison and Singapore New Energy.
“I am incredibly excited about this unique opportunity to lead Aster to achieve its full potential. There is significant demand and momentum for renewable energy across the region, and I look forward to maximizing our team’s experience and networks, as well as KKR’s deep expertise, to help Aster capture these opportunities. Aster will continue to invest behind great opportunities and talent to help enhance KKR’s infrastructure strategy.”