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Updated – September 28, 2023 at 07:17 PM.
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Mumbai, September 28
Forms second JV with Axis Energy Ventures for development of renewable energy projects
| Photo Credit:
JOTHI RAMALINGAM B
Brookfield has committed to provide equity capital of up to $845 million for the development and construction of power projects. The global alternative asset manager, with approximately $850 billion of assets under management, has formed a second joint venture with Axis Energy Ventures to establish a renewable energy development platform. Axis Energy Ventures will contribute to their existing development pipeline of wind and solar power projects, which are spread across the country and at various stages of development.
Brookfield, through the Brookfield Global Transition Fund II (BGTF II), has committed to provide equity capital of up to $845 million towards the development and construction of power projects. Under this strategic partnership, both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen.
Nawal Saini, Managing Director at Brookfield, said: “We foresee strong growth in India on the back of the government’s target of 500 GW of renewable energy by 2030 and its stated objective of energy security. This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind, and storage.”
Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group, said: “Axis Energy is happy to be partnering again with Brookfield, which has been a successful partnership since 2019. Through this new platform, we will together accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility.”
Brookfield has more than 16 GW of wind and solar assets in operation or in the development pipeline across India. Since 2019, Brookfield and Axis Energy Ventures through their earlier joint venture have collaborated to develop over 1.8 GW of solar and wind assets.
Axis Energy Ventures is a cleantech company focussed on developing, owning, and operating of wind, solar, wind-solar hybrid and renewable energy projects, along with storage solutions through battery and pumped hydro. It has a renewable development portfolio of over 10 GW across the country at various stages of implementation.
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