Brookfield to invest $845 million in its second JV with Axis Energy Ventures

Mumbai: Brookfield and Axis Energy Ventures have entered their second joint venture partnership to establish a renewable energy development platform.

Brookfield, through its Brookfield Global Transition Fund II (BGTF II), has committed to provide equity capital of up to $845 million towards development and construction of the power projects, a joint release said.

Axis Energy Ventures will contribute its existing development pipeline of wind and solar power projects, spread across the country and at various stages of development. 

“Under this 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 such as green hydrogen,” the release said.

“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,” said Nawal Saini, managing director at Brookfield.

Brookfield has more than 16GW 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.

“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,” said Kataru Ravi Kumar Reddy, chairman and managing director of Axis Energy Group.

As a clean-tech company, Axis Energy Ventures has focused on developing, owning, and operating of wind, solar, wind-solar hybrid, and renewable energy projects along with storage solutions through battery, pumped hydro, etc. Axis Energy group has a renewable development portfolio of around10 GW across the country at various stages of implementation.

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Updated: 28 Sep 2023, 07:08 PM IST