Brookfield launches $845m India renewables platform

In July, Brookfield invested about USD 1bn in solar specialist Avaada as part of a USD 1.3bn round that also included Thailand’s Global Power Synergy.

Both transactions mobilised Brookfield’s Global Transition Fund, which closed on USD 15bn last year. The fund has backed at least two other Indian operations, namely CleanMax Solar and Sustainable Agri Solutions. A second vintage has recently launched with a target of USD 20bn.

The joint venture between Brookfield and Axis will see the latter, an established domestic renewables player, contribute its existing development pipeline, including various wind and solar projects. Brookfield already has some 16 gigawatts of wind and solar projects in the country at various stages of development.

As with Avaada, green hydrogen is planned to be part of the mix. Green hydrogen is produced via renewable energy-enabled electrolysis, the process of separating hydrogen from water molecules.

This approach requires 40% less power than conventional electrolysis. The hydrogen market is dominated by non-fuel chemical industries but is expected to become more energy-oriented in the coming decades.

"Through this new platform, we will jointly accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility," Kataru Ravi Kumar Reddy, chairman and managing director of Axis, said in a statement.

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