ACME Cleantech Ventures, a UK-based subsidiary of the ACME Group, has secured up to $600 million from Brookfield Asset Management to support the development and construction of the company’s green molecule project pipeline in India and West Asia.

The transaction marks Brookfield’s entry into the regions’ green molecule sector. The investment will combine Brookfield’s institutional capital with ACME’s project development and operating capabilities.

Brookfield’s investment in ACME comes close on the heels of its launch of Lumara Energy, a renewable energy platform that plans to deploy approximately $600 million across an initial portfolio of more than 6 GW of solar, wind, and battery storage projects in India. Lumara will focus on addressing delays in power purchase agreement contracting, grid connectivity, and land acquisition. The platform plans to support projects with advanced land acquisition and grid interconnection positions.

Last year, ACME Cleantech Solutions won Solar Energy Corporation of India’s (SECI) auction to supply 100,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I)

In the same year, the company also won SECI’s auction to supply 50,000 tons per annum of green ammonia under the SIGHT program (Mode-2A-Tranche-I).

In March this year, SECI announced the commissioning of the first green hydrogen production facility under the National Green Hydrogen Mission. SECI served as the implementing agency for green hydrogen production (Mode-1, Tranche-I). The facility in Karnataka has a production capacity of 3,600 TPA of green hydrogen.

Last August, the Ministry of New and Renewable Energy issued revised program guidelines for implementing pilot projects using green hydrogen and its derivatives in the residential, commercial, and decentralized sectors, which were not mentioned in earlier programs. The guidelines focus on deploying green hydrogen in off-grid, localized, community-based applications. Decentralized production models using rooftop solar, small or micro hydropower, floating solar, biomass, and wastewater will be key features of the pilot projects.