Brookfield invests $ 845 mn in power ventures

29 Sep 2023 CW Team

Brookfield announced its commitment to supplying equity capital totalling $ 845 million for the development and construction of power projects. The global alternative asset manager, managing around $ 850 billion in assets, has entered into a second joint venture with Axis Energy Ventures to create a renewable energy development platform. In this partnership, Axis Energy Ventures will be adding its existing development pipeline of wind and solar power projects, located nationwide and in different stages of progress. Brookfield, via the Brookfield Global Transition Fund II (BGTF II), pledged to provide up to $ 845 million in equity capital for power project development and construction. In this strategic collaboration, both partners expressed their intention to use their expertise and resources collaboratively. They plan to offer tailored energy solutions to various industry participants, including government bodies, corporate clients, and emerging sectors such as green hydrogen. Brookfield stated that they had more than 16 GW of wind and solar assets in operation or in the development pipeline across India. They mentioned that since 2019, Brookfield and Axis Energy Ventures, through their earlier joint venture, had collaborated to develop over 1.8 GW of solar and wind assets. Axis Energy Ventures was described as a cleantech company focused on developing, owning, and operating wind, solar, wind-solar hybrid, and renewable energy projects, along with storage solutions through battery and pumped hydro. It was mentioned that they had a renewable development portfolio of over 10 GW across the country at various stages of implementation.

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