Brookfield forms a joint venture with Axis Energy Ventures to develop renewable energy projects – EQ
Mumbai : Brookfield and Axis Energy Ventures today announced their second joint venture partnership to establish a renewable energy development platform. Axis Energy Ventures will contribute their existing development pipeline of wind and solar power projects which are spread across the country and at various stages of development. Brookfield, through the Brookfield Global Transition Fund II (BGTF II), has committed to provide equity capital of up to $845 million towards the development and construction of the power projects.
Under this strategic partnership, both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen.
Nawal Saini, Managing Director at Brookfield said, “Building on our successful collaboration, we are delighted to be partnering again with Axis Energy Ventures to develop high-quality renewable power projects with best-in-class capabilities. 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. This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind and storage.”
Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group said, “Axis Energy is happy to be partnering again with Brookfield, which has been a successful partnership since 2019. Through this new platform, we will together accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility. This exciting partnership marks a significant milestone in our mission to accelerate India’s transition to clean and sustainable energy sources.”
Brookfield has more than 16 GW of wind and solar assets in operation or in the development pipeline across India. Since 2019, Brookfield and Axis Energy Ventures through their earlier joint venture have collaborated to develop over 1.8 GW of solar and wind assets.
About Brookfield Asset Management
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $850 billion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded, pure-play renewable power platforms, with approximately 31,300 megawatts of installed renewable energy capacity and a development pipeline of approximately 134,400 megawatts of renewable power assets, 13 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 3 million tons of recycled material and 4 million metric million British thermal units of renewable natural gas production annually.
About Axis Energy Ventures
Axis Energy Ventures India Private Limited (Axis Energy Ventures) is a cleantech company with the objective to achieve sustainable growth in global energy transition. As a cleantech company, Axis Energy Ventures has focused on developing, owning, and operating of wind, solar, wind-solar hybrid and renewable energy projects along with storage solutions through battery, pumped hydro, etc. Axis Energy Ventures is an experienced project developer with a strong track record in implementing renewable energy projects for over a decade. Axis Energy group has a renewable development portfolio of over ~10 GW across the country at various stages of implementation.