Brookfield announced today that it has entered into definitive agreements to acquire a majority controlling stake in Leap Green Energy, a Tamil Nadu based renewable energy solutions provider to commercial and industrial (C&I) customers.
Brookfield will initially make an equity investment of over $200 million in Leap Green, through a combination of subscription of new shares and acquisition of shares from current shareholders. It has an option to infuse further $350 million of incremental equity capital to support Leap Green’s future growth.
Brookfield will work alongside Leap Green Energy’s existing shareholders to enhance the company’s capabilities and grow the platform to more than 3 GW over the next four to five years.
Brookfield’s investment will be made through the Brookfield Global Transition Fund I (BGTF I). BGTF I’s capital will provide impetus to Leap Green’s growth ambitions in India’s rapidly expanding C&I segment.
“Tamil Nadu, with a total addressable, growing renewable C&I market of 20 GW, is a key target market for Leap Green. By combining Brookfield’s access to capital, procurement, operational expertise, and Leap Green’s in-house development, asset management and customer servicing capabilities, the business is well-positioned to cater to the decarbonization targets of the C&I segment,” stated Brookfield.
Brookfield is one of the world’s largest investors in renewable power, with around 33 GW of generating capacity and a development pipeline of over 155 GW. Its assets, located in North and South America, Europe, and Asia Pacific comprise a diverse technology base of hydro, wind, utility-scale solar, distributed generation, storage, and other renewable technologies. In India, Brookfield’s renewable power and transition portfolio comprises over 25 GW of wind and solar assets in operation, construction and/or development across leading platforms.
Leap Green Energy has an existing wind and solar asset base of 775 MW of operating and under construction assets. It has in-house development, O&M and customer management teams. Leap Green is currently extending its services in Tamil Nadu, Rajasthan and a few more states.
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