Brookfield and Axis Energy Ventures Join Forces for $845 Million Investment in Clean Energy

$845 Million Investment in Clean Energy

Brookfield and Axis Energy Ventures Join Forces for $845 Million Investment in Clean Energy

Brookfield Asset Management and Axis Energy Ventures have joined hands for their second joint venture (JV) to house many renewable energy projects in a significant move towards bolstering India’s clean energy sector. This collaboration is set to receive a substantial investment of up to $845 million from Brookfield, a prominent Canadian investor known for its active involvement in renewable and infrastructure projects.

The Past Success of ABC Renewables

This isn’t the first time these two entities have partnered in the clean energy domain. In 2019, they initiated ABC Renewables, a similar platform dedicated to renewable energy. ABC Renewables has since successfully developed over 1.8 gigawatts (GW) of wind and solar energy assets, highlighting the fruitful nature of their collaboration.

Brookfield’s Expansion in India

Brookfield Asset Management stands among the world’s foremost investors in renewables and infrastructure. The company has displayed a remarkable commitment to the Indian renewable energy sector, as evidenced by its swift expansion. In just a year, Brookfield has increased its energy assets in India, both operational and under construction, fourfold, reaching a remarkable 16GW. Furthermore, the company has invested over $3 billion in the Indian clean energy landscape.

A Strategic Partnership for Sustainable Energy Solutions

The joint statement released by Brookfield and Axis Energy Ventures underscores the strategic nature of this partnership. Both entities plan to leverage their expertise and resources to offer tailored energy solutions to stakeholders, including government bodies, corporate clients, and emerging sectors such as green hydrogen.

India’s Renewable Energy Growth

India has set ambitious targets for renewable energy generation, aiming for 500GW of renewable energy by 2030. Additionally, the government has emphasized energy security as a top priority. These factors are expected to drive significant growth in India’s clean energy sector. To meet this growing demand, scaled renewable projects incorporating multiple technologies like solar, wind, and energy storage are becoming increasingly crucial.

Accelerating India’s Transition to Clean Energy

Nawal Saini, Managing Director at Brookfield, expressed optimism about India’s potential for renewable energy growth. He emphasized the nation’s commitment to sustainability and environmental responsibility. Saini sees the collaboration between Brookfield and Axis Energy Ventures as a milestone in their shared mission to expedite India’s shift to clean and sustainable energy sources.

Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group, highlighted the significance of this partnership in accelerating renewable energy projects in India. As a cleantech company, Axis Energy Ventures has been actively developing, owning, and operating various renewable energy projects, including wind, solar, wind-solar hybrids, and storage solutions like batteries and pumped hydro. Currently, Axis Energy Group boasts a renewable development portfolio of approximately 10GW, spread across different stages of implementation nationwide.

India’s Bright Renewable Energy Future

Renewable Energy Secretary Bhupinder Singh Bhalla recently shared promising statistics at an industry event. He stated that India added an impressive 15GW of renewable energy capacity in FY23, with projections indicating a further increase to 25GW in FY24 and 40GW in FY25. Additionally, Bhalla highlighted India’s minimal contribution of only 4% to the global carbon dioxide load despite comprising 17% of the world’s population. This showcases the enormous potential and opportunities in India’s clean energy landscape.

The collaboration between Brookfield Asset Management and Axis Energy Ventures represents a significant step toward accelerating India’s renewable energy sector. With substantial investments and a commitment to sustainability, this partnership aims to play a pivotal role in India’s transition to clean and sustainable energy sources.

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