A new joint venture (JV) between Brookfield Asset Management – a Canadian alternative asset manager that operates vast renewable energy portfolios globally – and GLP – a China-headquartered industrial logistics specialist – has been created to develop 300 MW of commercial and industrial (C&I) rooftop solar in China over the next three years.
Both entities will own a 50% share in the JV, which intends to build out a 1 GW portfolio of C&I rooftop solar PV in China over the next few years. Currently, GLP operates 33 million square meters of logistics in China, and the hope is that Brookfield’s experience as a global owner and operator of renewable energy projects can make the JV a success.
In Japan, GLP occupies a leading position in the rooftop solar space, and the company is also poised to ramp up its presence in Europe, Brazil and the U.S. over the coming years, a press release said.
For Brookfield, the venture represents a bold step into China’s burgeoning rooftop solar market, which has so far played a distant second in shaping the nation’s PV footprint.
Brookfield’s flagship moves in solar thus far include the acquisition of former SunEdison yieldco TerraForm Global back in December last year.