Canadian alternative investment firm Brookfield Asset Management Inc, which acquired a majority stake in renewable energy firm CleanMax this June, has now partnered with Axis Energy Ventures for a renewable energy development platform.
Through this platform, Brookfield will invest up to $845 million towards the development and construction of the power projects, via its global investment vehicle, Brookfield Global Transition Fund II (BGTF II).
Axis Energy Ventures will put up its existing development pipeline of wind and solar power projects on the platform, which will jointly cater to government entities, corporate customers and emerging industries such as green hydrogen.
Brookfield and Axis Energy Ventures, through their earlier joint venture, have collaborated to develop over 1.8 GW of solar and wind assets. Currently, Brookfield has over 16 GW of wind and solar assets in operation or in the development pipeline across India.
Previously, Brookfield partnered with Axis Energy in June last year for the development of its maiden greenfield solar project with a development capacity of 445 mw in Jodhpur, Rajasthan. Through this partnership, it signed a 25-year deal with NTPC Ltd to sell electricity to Madhya Pradesh and Puducherry's state-owned power distributors.
Last month, VCCircle reported that the Canadian private equity giant, via its local subsidiary, is set to raise debt capital to the tune of $95 million from International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, to fund the development of solar power projects in the western desert state of Rajasthan.
In June, it also invested $360 million (about Rs 2,970 crore) in Mumbai-based renewable energy firm CleanMax through a secondary purchase of shares from existing shareholders and primary capital infusion.
Brookfield has over $850 billion of assets under management globally across renewable power and transition, infrastructure, private equity, real estate, and credit.
As of August, it manages assets of the order of $22 billion in India. This includes $11 billion in infrastructure, $8 billion in real estate, and $3 billion in other areas.
