Brookfield targets $10 billion in renewable energy under management in India – SPE

By pv magazine India

Canada’s Brookfield Asset Management, one of the world’s largest investors in renewable energy and climate transition assets, plans to grow its portfolio of renewable energy assets under management in India to more than $10 billion within the next three to four years. The company said it is also exploring mergers and acquisitions in this area, as well as opportunities in electric vehicles and green hydrogen.

Brookfield Asset Management invests on behalf of institutions and individuals around the world with the goal of helping them create long-term, sustainable prosperity. It entered the Indian market in 2017 and now has a portfolio of 25 GW across operational (8 GW), under construction and late-stage projects.

Nawal Saini, director of Brookfield’s renewable energy and transition group, told the newspaper The Economic Times which currently has nearly $3 billion of assets under management in India.

“We think this will be well over $10 billion over the next three to four years as we deploy more capital into just these existing platforms,” Saini said. “I’m not even considering the incremental growth that will come from incremental mergers and acquisitions or what we do outside of these platforms.”

Among its key investments last year, Brookfield signed an agreement with Avaada, a leading renewable energy platform in India with operating and development assets, to provide US dollar structured financing in the form of convertible securities of up to $1 billion ($200 million net to Brookfield Renewable Partners). ). Avaada will use the investment to expand its sustainable energy portfolio and invest in the production of solar panels and green ammonia.

Brookfield has also agreed to invest up to $360 million ($72 million net to Brookfield Renewable Partners) to acquire a 55% stake in CleanMax, a leading renewable energy C&I platform based in India.