- Brookfield Asset Management has announced another JV partnership with Axis Energy Ventures
- It plans to invest up to $845 million in the partnership to support wind and solar project development
- They will target industrial partnerships, including with government entities, and also explore green hydrogen
Indian clean technology company Axis Energy Ventures and Brookfield Asset Management (BAM) plan to launch their 2nd renewable energy joint venture (JV) in India. The JV will be focused on development and construction of solar and wind energy projects.
BAM has committed to invest up to $845 million equity in the JV through its Brookfield Global Transition Fund II.
Axis will bring to the table its existing development pipeline of wind and solar projects that are currently at various stages of development. It has so far commissioned around 1.5 GW capacity and has 12.5 GW committed, according to the Axis website.
Both the companies are already in a partnership since 2019 through their ABC Renewables JV that has since developed over 1.8 GW solar and wind assets in India.
Through their 2nd JV, they plan to provide curated energy solutions to the industry, including government entities, corporate customers and emerging industries as green hydrogen, according to an official statement.
“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,” said Brookfield Managing Director Nawal Saini. “This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind and storage.”
Brookfield counts its global wind and solar asset portfolio, in operation or in development phase, as exceeding 16 GW.