KKR
KKR,
+4.44%
said Wednesday it will invest an undisclosed sum to launch Stellar Renewable Power as a new platform company to source, develop and operate utility-scale solar plants and storage facilities, with office in Dallas and India. Stellar Renewable Power will work under KKR’s asset-based finance strategy, which has deployed more than $5 billion in 49 investments since 2016. KKR managing director Christopher Mellia said the business will seek out and develop “high-quality solar energy investments that are a strong fit for our long-term capital.” Shares of KKR are up 91.9% so far this year, compared to a rise of about 25% by the S&P 500.