Brookfield Asset Management raises $7 bn for global transition fund
POWER & RENEWABLE ENERGY

Brookfield Asset Management raises $7 bn for global transition fund

Brookfield Asset Management, a Canadian asset management firm, announced that the initial close of its Brookfield Global Transition Fund raised $7 billion.

The money raised will be used to invest in carbon-incentive businesses and renewable energy businesses, with a focus on the global transition to a net-zero economy.

The Ontario Teachers' Pension Plan Board and Temasek, a Singapore-based investment company, committed significant capital to the fund as part of the closing. The founding investment partners are also committed to making the world a net-zero economy by 2050 or sooner.

The fund has also received commitments from the Investment Management Corporation of Ontario and PSP Investments, according to the company's press release. The fund would also be used to target large-scale decarbonization-driven investment opportunities, according to the company.

By the end of 2021, the company hopes to raise $12.5 billion and close the traditional first and second closes with additional capital from Brookfield's diverse group.

Brookfield Vice-Chair and Head of Transition Investing Mark Carney told the media that the company is committed to reaching net-zero by 2050 or sooner, and to speeding up the global net-zero transition

Private capital, according to Bruce Flatt, Chief Executive Officer of Brookfield Asset Management, will be critical in combating climate change. They are looking forward to working with these and other Fund investors to make a positive impact on society while also generating attractive returns.

Brookfield Asset Management purchased a 100 % stake in the Emami Group's solar power business in January 2020.

ReneSola, a fully integrated solar project developer and operator, had previously announced that it had signed an exclusivity agreement for the sale of its distributed generation operation solar assets in China with a Brookfield Asset Management affiliate.

Image Source


Also read: Indi Energy receives seed fund from Mumbai Angels

Also read: ION Energy raises $3.6 million from Amazon's Climate Pledge Fund

Brookfield Asset Management, a Canadian asset management firm, announced that the initial close of its Brookfield Global Transition Fund raised $7 billion. The money raised will be used to invest in carbon-incentive businesses and renewable energy businesses, with a focus on the global transition to a net-zero economy. The Ontario Teachers' Pension Plan Board and Temasek, a Singapore-based investment company, committed significant capital to the fund as part of the closing. The founding investment partners are also committed to making the world a net-zero economy by 2050 or sooner. The fund has also received commitments from the Investment Management Corporation of Ontario and PSP Investments, according to the company's press release. The fund would also be used to target large-scale decarbonization-driven investment opportunities, according to the company. By the end of 2021, the company hopes to raise $12.5 billion and close the traditional first and second closes with additional capital from Brookfield's diverse group. Brookfield Vice-Chair and Head of Transition Investing Mark Carney told the media that the company is committed to reaching net-zero by 2050 or sooner, and to speeding up the global net-zero transition Private capital, according to Bruce Flatt, Chief Executive Officer of Brookfield Asset Management, will be critical in combating climate change. They are looking forward to working with these and other Fund investors to make a positive impact on society while also generating attractive returns. Brookfield Asset Management purchased a 100 % stake in the Emami Group's solar power business in January 2020. ReneSola, a fully integrated solar project developer and operator, had previously announced that it had signed an exclusivity agreement for the sale of its distributed generation operation solar assets in China with a Brookfield Asset Management affiliate. Image Source Also read: Indi Energy receives seed fund from Mumbai Angels Also read: ION Energy raises $3.6 million from Amazon's Climate Pledge Fund

Next Story
Infrastructure Transport

Adani Ports, JSW to Ink Odisha Port Deals Worth Rs 180 Bn

Adani Ports and Special Economic Zone (APSEZ) and JSW Infrastructure are preparing to sign agreements with the Odisha government for the development of Gopalpur and Jatadhar Muhan ports, involving a total investment of approximately Rs 180 billion. These projects are expected to play a key role in strengthening Odisha’s industrial infrastructure, enhancing employment opportunities, and advancing the state's ambition to become a major logistics and industrial hub on India’s eastern coast.APSEZ, India’s largest private port operator, plans to invest around Rs 15,000 crore in the developmen..

Next Story
Technology

Magadh University, Centre to Set Up MSME Tech Hub in Joint Effort

Magadh University is set to sign a memorandum of understanding with the Union Ministry of Micro, Small and Medium Enterprises on Friday at Vigyan Bhavan, New Delhi, to establish an MSME Technology Centre on its Bodh Gaya campus. The signing ceremony will be held in the presence of President Droupadi Murmu.The university's syndicate approved the proposal earlier in the week. This initiative marks the first such collaboration between a state university and the Union MSME Ministry in India.The upcoming technology centre will offer skill development, diploma, and certificate-level courses in vario..

Next Story
Infrastructure Urban

AP Cabinet Clears New Land Pooling Plan for Amaravati Infrastructure

The Andhra Pradesh Cabinet has approved a fresh round of land pooling to facilitate infrastructure development in Amaravati, aiming to accommodate the future needs of the capital region. The decision was made during a cabinet meeting chaired by Chief Minister Chandrababu Naidu.The cabinet approved the formulation and implementation of the Capital Region Land Pooling Scheme Rules, 2025. These rules are designed to support the development of world-class infrastructure, including educational institutions, healthcare facilities, and administrative hubs in Amaravati. In line with orders from the Na..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?