Joint Venture • Renewable Energy

EQT and Temasek Holdings Acquire O2 Power

On January 22, 2020, private equity firm EQT and sovereign wealth fund Temasek Holdings acquired renewable energy company O2 Power

Acquisition Context
  • This is EQT’s 3rd and Temasek Holdings’ 1st transaction in the Renewable Energy sector.
  • This is EQT’s 2nd and Temasek Holdings’ 6th transaction in India.
Investment Fate
  • O2 Power was sold to a strategic buyer in 2024 for 1.5B USD.

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M&A Deal Summary

Date January 22, 2020
Target O2 Power
Sector Renewable Energy
Buyer(s) EQT
Temasek Holdings
Deal Type Joint Venture

Target Company

O2 Power

Gurugram, India
O2 Power is a renewable energy platform to develop and execute utility-scale renewable projects across solar, wind, and hybrid with good quality off-takers via both greenfield project development and M&A. O2 Power was founded in 2020 and is based in Gurugram, India.
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Buyers Overview 2

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Deal Context for Buyer #
Overall 225 of 320
Sector: Renewable Energy 3 of 9
Type: Joint Venture 2 of 3
Country: India 2 of 3
Year: 2020 3 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 HMI Group

Singapore, Singapore

HMI Group is a growing regional private healthcare provider with a presence in Singapore, Malaysia, and Indonesia. HMI owns two tertiary hospitals in Malaysia, as well as a one-stop ambulatory care center, healthcare training center, and a stake in a General Practice clinic chain in Singapore. HMI Group was founded in 1998 and is based in Singapore.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 RIMES

New York, New York, United States

RIMES is a provider of managed data services and regulatory solutions for the buy side. RIMES is a pioneer provider of cloud-based technology that delivers highly customized financial data over the Internet. RIMES was founded in 1996 and is based in New York City.

Buy -
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 434.0B SGD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


Deal Context for Buyer #
Overall 36 of 50
Sector: Renewable Energy 1 of 1
Type: Joint Venture 1 of 1
Country: India 6 of 8
Year: 2020 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 HDFC Bank

Mumbai, India

HDFC Bank is a private sector banks. HDFC Bank offers a wide range of commercial and transactional banking services and treasury products to wholesale and retail customers. HDFC Bank was founded in 1994 and is based in Mumbai, Maharashtra.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-23 CureFit

Bangalore, India

CureFit is a health and fitness company offering digital and offline experiences across fitness, nutrition, and mental well-being. CureFit was founded in 2016 and is based in Bangalore, Karnataka.

Buy -

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