KKR recently launched its new renewable energy project, Aster, to help develop wind and energy storage abilities in Taiwan and Vietnam, according to a press release.
“I am incredibly excited about this unique opportunity to lead Aster to achieve its full potential,” Aster CEO Chen Wei said in a press release. “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.”
The launch is intended to strengthen the team’s presence in renewable projects in the region, such as solar and wind, which have an operational power generation capacity. With a global team of approximately 75 members, KKR began its efforts in 2011 after allocating $4 billion to renewable projects worldwide and has since made approximately 65 infrastructure investments across various locations. The company reported an operational power generation capacity of 14.2 GW as of Dec. 31, 2021.
The company has brought in industry expert Wei, based in Singapore, the press release reported. With more than two decades of experience managing and building renewable energy businesses throughout Asia, the executive is tasked with scoping out, planning and executing investment strategies for the initiative to strengthen the company’s general position in the solar space industry.
In Taiwan, Aster will be led by Country Manager Adam Huang, who specializes in renewables development and investments. His duties will include the oversight of Aster’s commercial solar photovoltaic project at the site. KKR’s investment will be made through the Asia Pacific Infrastructure Fund.
“In Asia, KKR sees renewables as core to its infrastructure strategy and seeks to capture the significant opportunities across the region,” the release states.
The company hopes the expansion will help pioneer wind and energy storage project introductions in other Asian markets, according to the release.
“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,” Michael de Guzman, managing director of KKR’s Asia Pacific Infrastructure team, said in the release. “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. With our global expertise and local knowledge, KKR is well-placed to invest behind and advance the energy transition through Aster across Taiwan, Vietnam and Asia, and Virescent Infrastructure in India.”