The Axis Energy Group, an Indian renewable energy firm, has launched a joint venture (JV) with Brookfield India, the local arm of global investment firm and asset owner Brookfield, backed by an initial investment of US$845 million.
The JV will establish a renewable energy development platform, building on an initial joint partnership between the two companies from 2019.
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While Axis did not reveal the target deployment capacity of the new JV, the company said that it will bring its existing development pipeline of solar and wind projects across India to the agreement. It said that it has 560MWp of solar and 774MWp of wind assets in its pipeline.
The financing comes as part of Brookfield’s Global Transition Fund II which, as of February this year, was intended to reach US$20 billion.
Brookfield Asset Management now has over 16GW of solar and wind assets in its portfolio of developing, under-construction and operational projects across India. August also saw the company sign a memorandum of understanding with India’s Reliance Industries to look into developing solar PV and energy storage component manufacturing in Australia.
PV Tech has contacted the Axis Energy Group for information on the planned capacity, timeline and project breakdown under the JV.