Brookfield commits $5bn to new India renewable energy projects — reports

A subsidiary of Canadian asset manager Brookfield has reportedly committed $5bn to developing 5.5GW of new wind power and 3.5GW of solar in India.

Brookfield’s India subsidiary Evren will make the investment over three to five years in the eastern coastal state of Andhra Pradesh, according to local media reports.

Representatives of Brookfield and Axis Energy — a local renewables developer that is Evren’s minority shareholder — met the state's chief minister N Chandrababu Naidu and energy minister Gottipati Ravi Kumar on Tuesday.

Kumar is quoted in Indian media as saying the state is well-suited for renewable energy production with abundant solar and wind energy resources.

“This investment plan underscores Evren’s commitment to advancing Andhra Pradesh’s energy infrastructure and supporting the global energy transition,” said an official release quoted in local media.

Writing on X, formerly Twitter, after the Tuesday meeting, Naidu said: “Andhra Pradesh has the potential to lead in sustainable energy and pave the way for a greener future.”

India had 188GW capacity in place at the end of last year. To meet its 2030 target, the country needs to add a whopping 44GW of capacity every year for the rest of the decade.

Renewable energy has accounted for a growing portion of Brookfield’s own vast investment portfolio.

Its green power arm, Brookfield Renewable Partners, committed in 2021 to developing an additional 21GW of new clean energy capacity by 2030, equivalent to doubling its portfolio at that time to 42GW.

In May, the group struck a $10bn deal with Microsoft to finance renewable electricity projects across the US and Europe.