Brookfield, GLP launch China rooftop solar venture
Brookfield Asset Management and Singapore-based warehouse operator GLP have formed a joint venture aimed at enabling construction of rooftop solar projects in China.
The JV aims to have 300 megawatts of solar panels on logistics and commercial rooftops online in China within the next three years, with a broader development pipeline equivalent to one gigawatt. Ownership of the venture will be split equally between the two partners, which aim to establish China's largest distributed solar power provider.
Development will focus initially on GLP's existing logistics assets in China, which total about 33 million square meters, but the JV will also approach other logistics operators to install solar panels on their facilities' rooftops. Brookfield plans to contribute its expertise as a developer of renewable energy projects worldwide.
"This new partnership with Brookfield will allow us to leverage each other's strengths to further capitalize on GLP's high-quality assets," said Ming Mei, co-founder and CEO of GLP, in a statement. "Investing in infrastructure beyond GLP's logistics platform is part of our strategy to develop an ecosystem that harnesses technology to deliver better outcomes for our customers and communities."
Through its affiliate Brookfield Renewable Partners, Brookfield operates a portfolio of renewable energy projects including hydroelectric, wind, solar and energy storage facilities in North America, South America, Europe and Asia, comprising more than 16 gigawatts of installed capacity. The network was augmented last year through the acquisition of two energy platforms operated by US-based SunEdison, including one with over half its total capacity in Asia.
GLP, formerly known as Global Logistics Properties, was founded in 2002 and taken private last year by a consortium including Hopu Investment and Hillhouse Capital in a deal that valued the company at S$15.9 billion ($11.5 billion). The company has over 62 million sqm of logistics assets across eight countries.
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