Brookfield targets $10 billion of renewable assets under management in India in four years

Canada’s Brookfield Asset Management, one of the world’s largest investors in renewable power and climate transition assets, plans to increase its renewable energy assets under management in India to over $10 billion within the next three to four years. The firm is also exploring mergers and acquisitions in this space, as well as opportunities in electric vehicles and green hydrogen.

Brookfield Asset Management invests on behalf of institutions and individuals around the world with the goal of helping them to create long-term, sustainable wealth. It entered the Indian market in 2017, and now has a 25 GW portfolio across operating (8 GW), under-construction and late-stage projects.

Nawal Saini, managing director of Brookfield’s renewable power and transition group, told daily newspaper Economic Times that currently they have close to $3 billion AUM (assets under management) in India. “We think this will be well over $10 billion in the next three-four years as we deploy more capital in just these existing platforms,” added Saini. “I am not even accounting for incremental growth that will come in through incremental M&A or what we do outside of these platforms.”

Among key investments last year, Brookfield signed an agreement with Avaada, a leading renewable platform in India with operating and development assets, to provide a structured U.S. dollar financing in the form of convertible securities of up to $1 billion ($200 million net to Brookfield Renewable). Avaada will use the investment to grow its renewables portfolio as well as investing in solar panel and green ammonia production.

Brookfield also agreed to invest up to $360 million ($72 million net to Brookfield Renewable) to acquire a 55% stake in CleanMax, a leading C&I renewable platform based in India.