Brookfield Asset Management (NYSE:BAM) and Indian clean tech company Axis Energy Ventures India Pvt Ltd have teamed up to form their second joint venture aimed at establishing a renewable energy development platform.
Axis Energy Ventures will contribute its existing development pipeline of wind and solar projects, while Brookfield will provide up to USD 845 million (EUR 802m) of equity capital towards the development and construction of the projects, according to a joint statement by the companies on Thursday.
The pipeline includes projects at different stages of development located across India. The Canadian asset manager will invest in the venture via the Brookfield Global Transition Fund II.
The partners intend to provide energy solutions to various industry players, such as government entities, corporate customers and emerging industries like green hydrogen.
Nawal Saini, managing director at Brookfield, expressed expectations for strong growth in India given the government’s target of 500 GW of renewable energy by 2030 and its objective of energy security. “This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind and storage,” he added.
According to the announcement, Brookfield has over 16 GW of wind and solar assets in operation or in development across India. It has been partnering with Axis Energy Ventures since 2019 to develop over 1.8 GW of solar and wind assets through the companies’ earlier joint venture.
(USD 1 = EUR 0.949)
