In a significant move towards advancing renewable energy initiatives, Brookfield and Axis Energy Ventures have announced their second joint venture partnership aimed at establishing a dedicated platform for renewable energy development.
According to an official press release, Axis Energy Ventures will contribute their existing portfolio of wind and solar power projects, which are currently in various stages of development and are spread across the country. Brookfield, on the other hand, has pledged substantial equity capital of up to $845 million for the development and construction of these power projects through its Brookfield Global Transition Fund II.
This strategic partnership intends to capitalize on the combined expertise and resources of both companies to deliver tailor-made energy solutions to a wide range of stakeholders, including government bodies, corporate clients, and emerging industries like green hydrogen.
Kataru Ravi Kumar Reddy, the Chairman and Managing Director of Axis Energy Group, expressed their commitment to fostering sustainability and environmental responsibility through this new platform, stating, “Through this new platform, we will together accelerate the development of renewable energy projects in India.”
Brookfield boasts an impressive portfolio of over 16 GW of wind and solar assets either in operation or in various stages of development throughout India. Notably, since 2019, Brookfield and Axis Energy Ventures have already joined forces in their previous joint venture, successfully collaborating on the development of more than 1.8 GW of solar and wind energy assets.
This latest partnership signifies a significant step forward in the quest for sustainable energy solutions in India, harnessing the combined strengths of two industry leaders to drive the growth of renewable energy projects in the country.