Multi-faceted Approach Key to Scaling Green Hydrogen Production in India

Inspire Clean Energy Wins Mercom India’s Second Startup Pitch Competition

Daily News Wrap-Up: Winners of 4th Annual Mercom India Awards Announced

JSW, Hero, Vena, Hexa Climate and Serentica Win SECI’s 630 MW FDRE Auction

Adani Green’s Q1 FY 2025 Revenue Rises 24% on Higher Capacity

The Evolution and Challenges of Hybrid Power Projects in India

IndiGrid’s Q1 Revenue Surges 32.7% on Strategic Acquisitions

Winners of Mercom’s 2024 Renewable Industry Awards Announced

Policies Must Focus on Entire Value Chain of Domestic Solar Manufacturing

Rays Power Infra Raises ₹1.27 Billion Via Equity Sale


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/07/amazon_polly_67932.mp3?version=1720694022">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Canada-based <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a> has announced an equity investment in <a href="http://www.leapgreenenergy.com/" target="_blank" rel="noopener">Leap Green Energy</a>, a renewable energy company based in Tamil Nadu, India. The initial commitment includes an equity investment of over $200 million, comprising the subscription of new shares and the acquisition of shares from existing shareholders.</p>
<p>Under the terms of the definitive strategic investment agreements, Brookfield has acquired a majority controlling stake in Leap Green.</p>
<p>Brookfield said it has the option to inject a further $350 million of incremental equity capital to support Leap Green&#8217;s future growth ambitions.</p>
<p>This partnership aims to enhance Leap Green&#8217;s capabilities and expand the platform&#8217;s capacity to over 3 GW within the next four to five years.</p>
<p>Brookfield&#8217;s investment will be channeled through the Brookfield Global Transition Fund I, which according to the company aligns with its strategy of investing in projects that accelerate the global shift to a net-zero carbon economy while ensuring risk-adjusted solid returns for investors.</p>
<p>The capital invested in Leap Green will drive the platform&#8217;s growth in India&#8217;s rapidly expanding C&amp;I segment. Tamil Nadu remains a key target area for Leap Green with a total addressable and growing renewable commercial and industrial (C&amp;I) market of approximately 20 GW.</p>
<p>Nawal Saini, Managing Director, Head of Renewable Power &amp; Transition, South Asia and the Middle East, Brookfield, said, &#8220;We are pleased to partner with Leap Green and look forward to supporting them in their growth ambitions. Our partnership provides an important opportunity to meet the demand in the C&amp;I segment and deliver outcomes where decarbonization and value creation are in total alignment. We remain committed to helping corporates in reducing their carbon footprint and positively impacting the environment.&#8221;</p>
<p>In May, Brookfield <a href="https://www.mercomindia.com/brookfield-microsoft-ai-demand/" target="_blank" rel="noopener">signed</a> a global framework agreement with Microsoft to develop over 10.5 GW of new renewable power capacity, such as wind and solar farms, by 2030, as energy-intensive data centers powering artificial intelligence are expected to drive up electricity demand.</p>
<p>Last year,  Brookfield Renewable Partners <a href="https://www.mercomindia.com/totalenergies-adani-brookfield-top-global-solar-developers" target="_blank" rel="noopener">emerged</a> as one of the leading global large-scale solar photovoltaic project developers in Mercom Capital Group&#8217;s Leading Global Large-Scale Solar PV Developers report.</p>


Brookfield Announces $200 Million Investment in Leap Green Energy


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/06/amazon_polly_67234.mp3?version=1718695868">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The International Finance Corporation (<a href="https://www.ifc.org/en/home" target="_blank" rel="noopener">IFC</a>) will partially finance a 550 MW solar power project being developed by <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a> in Bikaner, Rajasthan, with a $105 million investment.</p>
<p>The investment will be through long-term non-convertible debentures assigned to the project&#8217;s special purpose vehicles, which will implement the project.</p>
<p>The project will be connected to the inter-state transmission system of India&#8217;s green energy corridor.</p>
<p>Brookfield will provide commercial and industrial (C&amp;I) consumers with solar power at competitive tariffs through long-term power purchase agreements and merchant markets via power exchanges.</p>
<p>&#8220;Through our partnership with Brookfield, IFC aims to facilitate the broader uptake of clean energy by demonstrating the viability of large-scale renewable energy generation and sale to pan-India corporate and industrial clients through the interstate transmission system,&#8221; said Imad N. Fakhoury, IFC&#8217;s Regional Director for South Asia.<strong> </strong></p>
<p>&#8220;The novel procurement options underscore the role of hybrid transactions in scaling up investments in renewables, increasing market competitiveness, and offsetting the energy sector&#8217;s carbon footprint—key to achieving India&#8217;s climate goals,&#8221; he said.</p>
<p>Nawal Saini, Managing Director, Renewable Power &amp; Transition, Brookfield, said, &#8220;We are pleased to collaborate with IFC, sharing a common goal through this strategic partnership. The corporate appetite for clean energy is growing in India, with over 5 GW of renewable capacity added for the C&amp;I sector in the last 12 months alone. By leveraging our operational expertise, we plan to continue to expand our renewable and energy transition footprint in India, focusing on both state utility and C&amp;I segments in the country.&#8221; said.</p>
<p>The IFC has <a href="https://www.mercomindia.com/blended-finance-indias-transition-clean-energy-ifc" target="_blank" rel="noopener">advocated</a> the concept of blended finance to bolster India&#8217;s transition to clean energy by attracting greater private investment into impactful climate initiatives. Blended finance involves the integration of concessional funds from governments and philanthropic organizations with funds from development finance institutions such as the IFC.</p>
<p>In March, IFC <a href="https://www.mercomindia.com/grasim-secures-ifc-for-decarbonization-initiatives" target="_blank" rel="noopener">invested</a> ₹12.5 billion (~$150.3 million) in Grasim Industries to help its decarbonization initiatives.</p>


IFC Invests $105 Million in Brookfield’s 500 MW Solar Project in Rajasthan


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/06/amazon_polly_37126.mp3?version=1655987153">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Canada-based <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a> announced the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund, focused on facilitating the global transition to net zero.</p>
<p>Brookfield claimed that the private fundraise is the largest ever dedicated to enabling the global shift towards net zero.</p>
<p>A diverse group of more than 100 investors worldwide committed to the fund, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, financial institutions, and family offices. Brookfield is the largest investor in the fund.</p>
<p>Brookfield Asset Management is a global alternative asset manager with $725 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit and insurance solutions. Brookfield’s renewable arm has approximately $65 billion in assets under management, an installed capacity of 21,000 MW, and a 69,000 MW pipeline.</p>
<p>To date, approximately $2.5 billion has been allocated from the fund, spanning a range of decarbonization technologies with large-scale investments. Brookfield directed the investment to acquire the U.S. and German solar power and battery developers, with a combined renewable power development pipeline capacity of approximately 25,000 MW. It has also invested in a carbon capture and storage developer to fund the rollout of Brookfield’s critical technology across the energy and industrial units in North America.</p>
<p>Brookfield also formed a development partnership with a UK-based battery storage provider to operationalize up to 1,200 MW of capacity alongside 200 MW of co-located solar.</p>
<p>In January this year, Brookfield Renewable and its investors <a href="https://mercomindia.com/brookfield-renewable-acquires-urban-grid/" target="_blank" rel="noopener">acquired</a> Urban Grid, a U.S.-based renewable energy developer, for $650 million.</p>
<p>Last July, Brookfield Asset Management <a href="https://mercomindia.com/brookfield-raises-billion-energy-fund/" target="_blank" rel="noopener">raised</a> $7 billion in the initial close of BGTF. It announced that the amount would be invested in carbon-intensive businesses and renewable energy firms focused on the global transition to net zero.</p>
<p>This month, Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, <a href="https://mercomindia.com/tata-power-solar-commissions-solar-project-in-rajasthan/" target="_blank" rel="noopener">commissioned</a> a 450 MW solar project for Brookfield Renewable in Rajasthan. With over 800 GWh of green energy production annually, the project would help Brookfield mitigate more than 600,000 tonnes of carbon dioxide emissions every year.</p>


Brookfield Asset Management Raises $15 Billion for Clean Energy Transition Fund

<p><a href="http://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Ltd</a>, a fully integrated solar project developer and operator, has signed an exclusivity agreement with an affiliate of <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a>. Under the agreement, ReneSola has agreed to negotiate exclusively with Brookfield Asset Management to sell its distributed generation operating solar assets in China.</p>
<p>ReneSola has distributed generation operating solar assets with a total capacity of 206.8 MW in China. The negotiation will take place over a 60-day period.</p>
<p>Brookfield Asset Management intends to acquire the project-based special purpose vehicles (SPVs) associated with the 206.8 MW of distributed generation operating assets, which are owned by Zhejiang ReneSola Investment, ReneSola&#8217;s subsidiary that holds the company&#8217;s distributed generation projects in China.</p>
<p>Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, &#8220;This transaction will substantially reduce the company&#8217;s leverage ratio and significantly improve cash flow and liquidity. After completing this transaction, the proceeds from the sale of the distributed generation operating assets will provide us with more resources and flexibility to deploy our capital.&#8221;</p>
<p>Li also added, &#8220;We continue to pursue opportunities to develop, build and monetize small-scale and DG projects in China and other geographies, and believe our strategy meets the development trend of solar energy.&#8221;</p>
<p>There is no assurance that ReneSola and Brookfield Asset Management will enter into a definitive agreement for a potential transaction and there is no assurance as to the form, terms or timing of any transaction even if an agreement is reached between the parties.</p>
<p><a href="https://mercomindia.com/globeleq-acquire-brookfield-renewable-africa/" target="_blank" rel="noopener">Mercom recently reported</a>, Globeleq, an independent power producer and developer in Africa, is set to acquire Brookfield Asset Management’s interests in its South African renewable energy portfolio. The agreement is subject to various closing conditions and once fulfilled, will give Globeleq a majority shareholding in six renewable projects totaling 178 MW, as well as ownership in Brookfield’s South African asset management company.</p>


brookfield-asset-management

Get the most relevant India solar and clean energy news.

RECENT POSTS