Brookfield inks pact with Axis Energy to invest USD 845 mn for development of renewable power projects

Assets management company Brookfield has partnered with Axis Energy Ventures to invest USD 845 million (about Rs 7,000 crore) to develop renewable energy projects.

Under the strategic partnership, both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries like green hydrogen, Brookfield and Axis Energy Ventures said in a joint statement on Thursday.

''Brookfield forms a joint venture with Axis Energy Ventures to develop renewable energy projects. Brookfield through the Brookfield Global Transition Fund II (BGTF II), has committed to provide equity capital of up to USD 845 million towards the development and construction of the power projects,'' the statement added.

This is the second joint venture partnership to establish a renewable energy development platform between Brookfield and Axis Energy Ventures, it said.

''Building on our successful collaboration, we are delighted to be partnering again with Axis Energy Ventures to develop high-quality renewable power projects with best-in-class capabilities.

''We foresee strong growth in India on the back of the Government's target of 500 GW of renewable energy by 2030, and its stated objective of energy security. This demand will be increasingly fulfilled by scaled renewable assets, combining multiple technologies, such as solar, wind and storage,'' Nawal Saini, Managing Director at Brookfield, said.

Axis Energy Group CMD Kataru Ravi Kumar Reddy said, ''Axis Energy is happy to be partnering again with Brookfield, which has been a successful partnership since 2019. Through this new platform, we will together accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility. This exciting partnership marks a significant milestone in our mission to accelerate India's transition to clean and sustainable energy sources''.

Brookfield has more than 16 GW of wind and solar assets in operation or in the development pipeline across India. Since 2019, Brookfield and Axis Energy Ventures through their earlier joint venture have collaborated to develop over 1.8 GW of solar and wind assets. Brookfield Asset Management is a leading global alternative asset manager with approximately USD 850 billion of assets under management.

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