Brookfield and Axis Energy Ventures have embarked on their second joint venture partnership to establish a robust platform for renewable energy development in India. This strategic collaboration is set to play a pivotal role in meeting India’s ambitious renewable energy targets and fostering sustainability.
Equity Commitment for Renewable Power Projects
Under this new joint venture, Brookfield, through its Brookfield Global Transition Fund II (BGTF II), is committed to providing equity capital of up to $845 million for the development and construction of renewable power projects across India. This substantial investment underscores Brookfield’s dedication to advancing clean energy initiatives in the country.
Leveraging Existing Development Pipeline
Axis Energy Ventures, on the other hand, will contribute its extensive development pipeline of wind and solar power projects, which are scattered across India and are at various stages of development. This infusion of projects from Axis Energy Ventures will significantly bolster the renewable energy landscape in the country.
Curated Energy Solutions for Diverse Sectors
In their joint release, the partners emphasized their intention to leverage their combined expertise and resources to offer tailored energy solutions to a wide array of industry participants. This includes government entities, corporate customers, and emerging sectors such as green hydrogen production. The collaboration aims to cater to the growing demand for sustainable energy solutions in India.
Optimism Amidst India’s Renewable Energy Growth
Nawal Saini, Managing Director at Brookfield, expressed optimism about the venture, stating, “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.”
Brookfield already boasts a substantial presence in India’s renewable energy sector, with over 16 GW of wind and solar assets either in operation or within the development pipeline. Since 2019, Brookfield and Axis Energy Ventures have collaborated on their earlier joint venture, successfully contributing to the development of over 1.8 GW of solar and wind assets in India.
A Significant Milestone for Sustainable Energy
Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group, described the partnership as a significant milestone in their mission to accelerate India’s transition to clean and sustainable energy sources. He emphasized their commitment to sustainability and environmental responsibility.
As a clean-tech company, Axis Energy Ventures has been dedicated to the development, ownership, and operation of various renewable energy projects, including wind, solar, wind-solar hybrid, and storage solutions like batteries and pumped hydro. Axis Energy Group boasts a renewable development portfolio of approximately 10 GW spread across India at different stages of implementation.
Brookfield and Axis Energy Ventures’ renewed partnership holds promise for the continued growth of renewable energy in India, aligning with the government’s ambitious targets and promoting a cleaner and more sustainable energy future for the nation.
