Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
The investment will support plans to expand Leap Green’s operating capacity to 3GW. Key to this plan is the Indian state of Tamil Nadu, where Leap Green said it plans to expand into the roughly 20GW corporate & industrial (C&I) renewables market.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The investment was carried out through the Brookfield Global Transition Fund I (BGTF I), a US$15 billion net zero investment vehicle which, at the time of its announcement, was the largest such fund in the world. In February this year, Brookfield closed the first US$10 billion in the second round of the BGTF, part of which it said was tied up in a solar development partnership in India.
In addition to the US$200 million deal, Brookfield has the option to “infuse” a further US$350 million incrementally to support the growth of Leap Green Energy.
Nawal Saini, head of renewable power & transition, South Asia and the Middle East at Brookfield said: “Our partnership provides an important opportunity to meet the demand in the C&I segment and deliver outcomes where decarbonisation and value creation are in total alignment. We remain committed to helping corporates in reducing their carbon footprint and positively impacting the environment.”
Brookfield is one of the largest asset owners in the global renewable energy industries. Last month, the firm launched its €6.1 billion acquisition of French independent power producer (IPP) Neoen, and in May, it launched a renewable energy offtake agreement with tech giant Microsoft. This deal was worth over US$10 billion and corresponds to over 10GW of renewable energy offtake agreements.
