Brookfield to invest $850 mn in development of renewable energy projects

Brookfield Global Transition Fund II (BGTF II) will invest up to $845 million in the development and construction of renewable energy projects of Axis Energy Ventures.

Axis Energy Ventures will contribute its extensive portfolio of wind and solar projects at varying stages of development across the country to the venture, said a statement.

The strategic partnership will harness the combined expertise and resources of both entities to deliver tailored energy solutions to diverse industry stakeholders, including government bodies, corporate clients, and emerging sectors like green hydrogen. "Building upon our previous successful collaboration, we are thrilled to partner once more with Axis Energy Ventures to develop top-tier renewable power projects with cutting-edge capabilities. We anticipate substantial growth in India, driven by the government's ambitious goal of achieving 500 GW of renewable energy by 2030 and its emphasis on energy security. Meeting this demand will require the deployment of scaled renewable assets incorporating multiple technologies, such as solar, wind, and energy storage," said Nawal Saini, managing director of Brookfield.

Kataru Ravi Kumar Reddy, chairman and managing director of Axis Energy Group, said it has joined forces with Brookfield once again, building on their successful partnership since 2019. "Through this new platform, we will jointly expedite the development of renewable energy projects in India, with a strong commitment to sustainability and environmental responsibility," he said.

Brookfield currently has a portfolio of over 16 GW of wind and solar assets either operational or in the development pipeline in India. Since 2019, Brookfield and Axis Energy Ventures, in their previous joint venture, have collaborated to advance more than 1.8 GW of solar and wind assets.