Brookfield targets $10 billion of renewables under management in India


From pv magazine India

Canada’s Brookfield Asset Management, one of the world’s largest investors in renewable power and climate-transition assets, plans to expand its portfolio of renewable energy assets under management in India to more than $10 billion within the next three to four years. The firm said it is also exploring mergers and acquisitions in this space, 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 to create long-term, sustainable wealth. It entered the Indian market in 2017, and now has a 25 GW portfolio across operating (8 GW), under-construction and late-stage projects.

Nawal Saini, managing director of Brookfield’s renewable power and transition group, told daily newspaper The Economic Times that currently its has close to $3 billion of assets under management in India.

“We think this will be well over $10 billion in the next three to four years as we deploy more capital in just these existing platforms,” added Saini. “I am not even accounting for incremental growth that will come in through incremental M&A or what we do outside of these platforms.”

Among key investments last year, Brookfield signed an agreement with Avaada, a leading renewable platform in India with operating and development assets, to provide structured US dollar 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 grow its renewables portfolio as well as investing in solar panel and green ammonia production.

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 C&I renewable platform based in India.

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