Global asset management firm Brookfield and Axis Energy Ventures have announced their second renewable energy joint venture partnership in India.

Brookfield, through its Brookfield Global Transition Fund II (BGTF II), has committed to providing equity capital of up to $845 million to develop Axis’ wind and solar energy project pipeline.

These projects are spread across the country and are in various stages of development.

Both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen.

Brookfield has over 16 GW of wind and solar assets in operation or in the development pipeline across India. Since 2019, Brookfield and Axis Energy Ventures have collaborated to develop over 1.8 GW of solar and wind assets through their earlier joint venture.

Nawal Saini, Managing Director at Brookfield, highlighted the significance of this collaboration. He emphasized that this venture aims to develop high-quality renewable power projects equipped with best-in-class capabilities.

He said the initiative aligns with India’s ambitious target of achieving 500 GW of renewable energy capacity by 2030, which will be fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind, and storage.

Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group, said, “Through this new platform, we will together accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility.”

In June, Brookfield Asset Management announced the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund, focused on facilitating the global transition to net zero.

Earlier this year, Brookfield Renewable and its investors acquired Urban Grid, a U.S.-based renewable energy developer, for $650 million.

In April 2023, Avaada Group raised $1.07 billion from Brookfield Renewable to support its green hydrogen and green ammonia projects in India. The funding is part of the company’s ongoing plan to raise $1.3 billion.