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From pv journal India
Canada’s Brookfield Asset Management, one of many world’s largest traders in renewable energy and climate-transition property, plans to develop its portfolio of renewable power property below administration in India to greater than $10 billion over the following three to 4 years. The firm says it’s also exploring mergers and acquisitions on this house, in addition to alternatives in electrical automobiles and inexperienced hydrogen.
Brookfield Asset Management invests on behalf of establishments and people all over the world with the purpose of serving to them create long-term, sustainable wealth. It entered the Indian market in 2017, and presently has a 25 GW portfolio throughout operations (8 GW), under-construction and late-stage initiatives.
Nawal Saini, managing director of Brookfield’s renewable energy and transition group, advised the day by day newspaper The Economic Times which presently has near $3 billion in property below administration in India.
“We suppose it is going to be over $10 billion within the subsequent three to 4 years as we deploy extra capital on these platforms,” Saini added. “I’m not accounting for added development that may come by way of extra M&A or what we’re doing exterior of those platforms.”
Among key investments final yr, Brookfield signed an settlement with Avaada, a number one renewables platform in India with working and improvement property, to supply structured US greenback financing within the type of convertible securities. which is as much as $1 billion ($200 million internet to Brookfield Renewable Partners. ). Avaada will use the funding to develop its renewables portfolio in addition to put money into photo voltaic panels and inexperienced ammonia manufacturing.
Brookfield additionally agreed to take a position as much as $360 million ($72 million internet of Brookfield Renewable Partners) to amass a 55% stake in CleanMax, a number one C&I renewable platform based mostly in India.
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