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Brookfield Aims $10B Investment In Indian RE Sector

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The Canadian investor plans to triple its current investment in the renewable energy sector of the country within the next three to four years. 

Brookfield Asset Management from Canada recently revealed that it aims to ramp up its investments in India’s renewable energy sector. Through a revised fund, the investment is poised to exceed $10 billion within the next three to four years.

The firm is raising a second fund for the investment, BGTF II, which has reached a first close of $10 billion as of February 2024. It has invested $15 billion from its fully deployed Brookfield Global Transition Fund (BGTF I) in India’s renewable sector before. Approximately 10% of BGTF I has been allocated to investments in India, with plans for further deployment from BGTF II in the country.

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The company is considering acquisitions in this sector and exploring opportunities in electric vehicles (EVs) and green hydrogen as disclosed. 

Brookfield has revealed that it is focused on developments in the country’s electric vehicle charging sector. Their new transition fund aims to invest in transforming businesses and implementing sustainable solutions beyond clean energy sources. The solutions will encompass EV charging infrastructure, carbon capture technologies, electric vehicles, and other related innovations. 

The company has further revealed that it is open to exploring joint ventures in India’s electric vehicle sector.

Brookfield’s other focus is on securing suitable long-term contracts in the green hydrogen sector. It stated that upon securing a viable contract, it will invest in this sector through one of its platforms, ensuring the contract’s financial viability.

Nawal Saini, managing director of Brookfield’s renewable power and transition group, mentioned that their current assets under management (AUM) are nearing $3 billion in size and scale. He projected that this figure would exceed $10 billion within the next three to four years as they continue to invest more capital into their existing platforms.

Saini added that he did not include potential growth from incremental mergers and acquisitions or activities outside of their current platforms.

Brookfield has actively pursued acquisitions in India’s renewable energy sector, acquiring wind farms from Axis Energy Ventures for Rs 500 crore in 2019 and securing a 51% stake in CleanMax Enviro in 2023 with a Rs 3,000 crore investment. They are also set to acquire a controlling interest in Leap Green Energy’s commercial and industrial platform for $500 million, according to informed sources.

The company, a major infrastructure investor in India, has deployed around $27 billion in the country since 2014. This includes major investments like Rs 25,215 crore in Jio Towers, a Rs 21,000 crore acquisition of ATC India, and a Rs 13,000 crore purchase of the East-West Pipeline (formerly Reliance Gas Transportation Infrastructure).

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