Brookfield to invest in clean energy platform Leap Green Energy

12 Jul 2024 CW Team

Canadian asset management firm Brookfield has announced a strategic equity investment of $550 million in Leap Green Energy, a renewable energy platform based in Tamil Nadu. This investment includes an initial commitment of $200 million, with the remaining $350 million to be infused in the future to support the company's growth. Brookfield has acquired a majority controlling stake in Leap Green Energy through a combination of new share subscriptions and acquisition of shares from current shareholders. The investment will be facilitated through the Brookfield Global Transition Fund I (BGTF I), which focuses on accelerating the global transition to a net-zero carbon economy while delivering strong risk-adjusted returns to investors. Brookfield aims to collaborate with Leap Green Energy?s existing shareholders to enhance the company's capabilities and expand its platform to over 3 GW within the next four to five years. Leap Green Energy, currently with 775 MW of wind and solar assets in operation and under construction, is well-positioned to cater to the decarbonization targets of the commercial and industrial (C&I) segment in Tamil Nadu, which has a growing renewable C&I market of 20 GW. Nawal Saini, Managing Director & Head- Renewable Power and Transition for South Asia and the Middle East, Brookfield, expressed enthusiasm about the partnership, highlighting the potential to meet the demand in the C&I segment and align decarbonization with value creation. Rajeev Karthikeyan and Dev Anand Vijayan, Founders of Leap Green Energy, emphasised their excitement to scale Leap Green into a multibillion-dollar renewable platform while focusing on their home market of Tamil Nadu.

Brookfield is one of the world?s largest investors in renewable power, with around 33 GW of generating capacity and a development pipeline exceeding 155 GW. In India, their renewable power and transition portfolio includes over 25 GW of wind and solar assets in operation, construction, and development.

This strategic investment by Brookfield in Leap Green Energy is poised to significantly contribute to the advancement of sustainable energy solutions in India. (Source: Business Standard)

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