KKR, a global investment platform, has launched Stellar Renewable Power, a platform for sourcing, developing, and operating utility-scale solar plants and storage facilities.

The platform will operate on behalf of the firm’s asset based finance strategy and will source opportunities through greenfield development and acquisitions of early-stage assets. Vijay Venkatachalam, a renewable energy expert, will lead the platform.

“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,” said Christopher Mellia, managing director at KKR.

“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,” stated Venkatachalam.