Brookfield Raises $20B Fund to Drive 10 GW Wind, Solar & Storage Push in India

United States (US)-based Brookfield made the final institutional close for its energy transition strategy, Brookfield Global Transition Fund II (BGTF II or “the Fund). While sharing these details in a press release,  Brookfield said it has raised $20 Bn in commitments and capital from a diverse range of existing and new investors.

With the latest funding, BGTF II said it exceeded its target and set a record. The company plans to use this fund and contributions from institutional investors worldwide, including several investors that are new to the Brookfield transition platform. This includes the previously announced commitments of $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management. In addition to the above commitments, the Fund has also secured approximately $3.5 billion of co-investment into its portfolio, bringing the total capital raised across the strategy in this vintage to approximately $23.5 billion.

Previously, under its transition fund (BGTF I), Brookfield raised $15 billion and invested in a range of energy technologies globally. The company said it invested in renewables, carbon capture, sustainable aviation fuel, battery storage, as well as nuclear services via a majority stake in global technology leader, Westinghouse. Recently, it also struck framework energy supply deals with Microsoft and Google, which were the largest ever agreed in wind/solar and hydroelectricity, respectively.

Funding Spread Across Projects

The company has already deployed more than $5 billion across a diverse set of transition investments, including:

• Neoen: A public-to-private takeover of a leading, global renewable power and battery storage operator and developer
• Geronimo Power: An acquisition of a large-scale, diversified energy developer in the U.S. with a significant operating and development pipeline in key power markets.
• Evren: A joint venture in India to accelerate the development of over 10 GW of wind, solar and storage projects

Connor Teskey, President of Brookfield Asset Management and CEO for Renewable Power & Transition, commented, "Energy demand is growing fast, driven by the growth of artificial intelligence as well as electrification in industry and transportation. Against this backdrop, we need an ‘any and all’ approach to energy investment that will continue to favor low-carbon resources. Our strategy will succeed by investing in the technologies that will deliver clean, abundant, and low-cost energy and transition solutions that underpin the global economy.”