Brookfield Asset Management and Axis Energy Ventures have revealed their second JV, which will encompass a selection of wind and solar projects from the Indian cleantech company. This partnership will see an investment of up to $845 million from the Canadian investor.
The funding for Axis’s power projects across different regions of India will be sourced from the Brookfield Global Transition Fund II, as stated in a joint statement.
“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,” the release said.
“We foresee strong growth in India on the back of the government’s target of 500GW 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,” said Nawal Saini, managing director at Brookfield.
“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,” said Kataru Ravi Kumar Reddy, chairman and managing director of Axis Energy Group.
Being a cleantech firm, Axis Energy Ventures has dedicated its efforts to the development, ownership, and operation of a diverse range of renewable energy projects, including wind, solar, wind-solar hybrid installations, as well as energy storage solutions like batteries and pumped hydro, etc. Axis Energy Group has a renewable development portfolio of around 10GW across the country at various stages of implementation.