From pv magazine India
Brookfield said that it has signed definitive agreements to acquire a majority controlling stake in Leap Green Energy, an Indian renewable energy company that focuses on the commercial and industrial (C&I) segment.
Brookfield will initially invest over $200 million in Leap Green by subscribing to new shares and acquiring shares from current shareholders. It has the option to add another $350 million in equity to support Leap Green’s growth.
Brookfield will collaborate with Leap Green Energy’s existing shareholders to enhance the company’s capabilities and expand the platform to more than 3 GW in the next four to five years.
Brookfield’s investment comes through the Brookfield Global Transition Fund I (BGTF I). BGTF I’s capital will boost 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,” said Brookfield. “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.”
Brookfield has around 33 GW of generating capacity and a development pipeline exceeding 155 GW. Its assets span North and South America, Europe, and Asia Pacific, covering hydro, wind, utility-scale solar, distributed generation, storage, and other renewable technologies. In India, its renewables portfolio includes 25 GW of wind and solar assets in operation, construction, and development.
Leap Green Energy has a wind and solar asset base of 775 MW in operation and under construction. It has in-house development, O&M, and customer management teams and is currently expanding its services in Tamil Nadu, Rajasthan, and other Indian states.
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