Brookfield to Invest $845 Million in Renewables JV with Axis Energy in India

The second joint venture for renewable energy in India has been announced by Axis Energy Ventures and global asset management company Brookfield. Axis' pipeline of wind and solar energy projects will be developed with the help of equity funding worth up to $845 million from Brookfield through its Brookfield Global Transition Fund II.

These initiatives span the nation and are at various states of completion.In order to jointly offer customised energy solutions to different industry participants, including governmental bodies, commercial customers, and future industries like green hydrogen, both partners will make use of their respective experience and resources.

In India, Brookfield owns about 16 GW of operating or under construction wind and solar assets. Through their previous joint venture, Brookfield and Axis Energy Ventures have worked together to construct more than 1.8 GW of solar and wind assets since 2019.

The significance of this relationship was emphasised by Nawal Saini, Managing Director of Brookfield. He emphasised that the goal of this initiative is to create top-notch renewable energy projects with best-in-class capabilities.According to him, the programme supports India's ambitious goal of achieving 500 GW of renewable energy capacity by 2030. This goal would be met through scaled renewable assets that include several technologies, such as solar, wind, and storage.

"Through this new platform, we will jointly accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility," stated Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group. The Brookfield Global Transition Fund, which aims to accelerate the transition to net zero globally, raised $15 billion in June, according to an announcement made by Brookfield Asset Management.

Urban Grid, a U.S.-based developer of renewable energy, was purchased by Brookfield Renewable and its investors earlier this year for $650 million.Avaada Group received $1.07 billion from Brookfield Renewable in April 2023 to fund its green ammonia and green hydrogen projects in India. In order to raise $1.3 billion, the corporation continues to plan on receiving the investment.