Brookfield’s global energy transition fund is making an initial investment of $200m (€184m) in Leap Green Energy to support the renewables platform’s growth in India’s commercial and industrial (C&I) sector.
The deal involves the $15bn Brookfield Global Transition Fund I fund investing the initial capital to acquire a majority controlling stake in Leap Green with an option to inject a further $350m of incremental equity capital to support the future growth of the business.
Leap Green is a company established early in the field of providing green energy to the C&I segment in India. The company holds a leading market position within the state of Tamil Nadu.
Leap Green’s current portfolio includes wind and solar assets, with approximately 75MW of operational and under-construction capacity.
Brookfield said it intends to work with Leap Green’s existing shareholders to boost the company’s capabilities and grow the platform to over 3GW over the next four to five years.
Nawal Saini, managing director, head of renewable power and transition, South Asia and the Middle East at Brookfield said: “We are pleased to partner with Leap Green and look forward to supporting them in their growth ambitions.
“Our partnership provides an important opportunity to meet the demand in the C&I segment and deliver outcomes where decarbonisation and value creation are in total alignment. We remain committed to helping corporates in reducing their carbon footprint and positively impacting the environment.”
In a joint statement, Rajeev Karthikeyan, founder and MD of Leap Green, and Dev Anand Vijayan founder and CEO of Leap Green, said: “We are delighted to partner with Brookfield, a global leader in the energy transition space, to combine their strengths with our own capabilities and scale Leap Green to a multibillion-dollar renewable and energy transition platform, while retaining a focus on our home market of Tamil Nadu.”
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