KKR has launched a renewable energy platform in Singapore to develop, build, and operate solar, wind and energy storage projects in Taiwan and Vietnam, with a view to expanding to other markets in Asia.

Aster Renewable Energy will be led by chief executive officer Chen Wei.

Since 2011, KKR has deployed US$4 billion globally into renewable assets such as solar and wind, which have an operational power generation capacity of 14.2 gigawatts as of end-2021.

The firm says it views renewables as core to its infrastructure strategy in Asia. In 2020, KKR set up Virescent Infrastructure, a renewable energy platform to own and operate renewable assets in India. KKR is making its investment in Aster from its Asia-Pacific Infrastructure Fund.

Aster will have an immediate focus on Taiwan and Vietnam, particularly solar and wind, and will look to expand its footprint into other countries in the region.

In Taiwan, Aster will be led by country manager Adam Huang, an experienced renewables developer and investor, particularly in the solar space. Aster operates a commercial solar photovoltaic project in Taiwan as the platform’s first project.

Aster’s launch builds on the strong momentum behind renewables investment and development in Asia and KKR’s extensive experience in the sector.

“We believe we have reached an inflection point, where there is a strong convergence of favourable geographical characteristics and resources, supportive government policies, and demand for sustainable energy solutions to meet the region’s growing needs," says Michael de Guzman, managing director of KKR’s Asia-Pacific infrastructure team.

KKR established its global infrastructure strategy in 2008, and has since been one of the most active infrastructure investors around the world. The firm currently oversees approximately US$40 billion in infrastructure assets globally, and has made approximately 65 infrastructure investments across a range of sub-sectors and geographies.