Brookfield Looks To Partially Sell-Off 1.6-GW Renewable Portfolio

Canada's Brookfield Asset Management Adds $845 MN for JV with India's Axis Energy

Canadian investment firm Brookfield Asset Management is seeking to partially capitalize on its clean energy assets. Brookfield boasts a collective capacity of approximately 1.6 GW and hold an enterprise value ranging between Rs 9,000 and 10,000 crore (equivalent to $1-1.2 billion), as per the company.

To facilitate this partial monetization, investment bank JP Morgan has been engaged to manage the process.

Among the 1.6 GW capacity, 1-GW capacity is currently operational and about 600 MW capacity projects that are under construction are slated for completion by the end of 2024.

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Additionally, Brookfield plans to incorporate another 500-600 MW of assets, likely to be finalized within the next two years. The assets earmarked for divestment comprise capacities of 500 MW in Rajasthan, 50 MW in Gujarat, 300 MW in south India, and 80 MW in Madhya Pradesh.

Since its inception in 2014, Brookfield has deployed approximately $ 25 billion in the Indian market.

Presently, Brookfield boasts a clean energy portfolio in India comprising around 20 GW of wind and solar assets either operational or in the developmental pipeline.

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Brookfield in India

Brookfield has significantly expanded its presence in India’s clean energy sector through a series of acquisitions and greenfield ventures since 2014.

In 2019, the firm made its initial foray into Indian renewables with the direct purchase of wind farms from Hyderabad-based Axis Energy Ventures for Rs 500 crore.

In June 2023, Brookfield Renewable took control of CleanMax Enviro Energy Solutions Pvt Ltd by investing $360 million through the Brookfield Global Transition Fund (BGTF). The company decided to continue the CleanMax work with existing shareholders and management to drive the platform’s growth in the commercial and industrial segment in India.

Today, the notable infrastructure investments of Brookfield in India include Rs 25,215-crore stake in Jio Towers, a Rs 21,000-crore acquisition of ATC India, and a Rs 13,000 crore purchase of the East-West Pipeline which was previously called Reliance Gas Transportation Infrastructure.

At the global level, the RE firm has projects encompassing hydroelectric, wind, utility-scale solar, and storage facilities spread across North America, South America, Europe, and Asia. This totals approximately 25.700 GW of installed capacity and the development pipeline comprising about 126 GW of renewable power assets. This also includes nearly 12 million metric tons per annum (MMTPA) of carbon capture and storage, among other ventures.