Brookfield Asset Management and Axis Energy Venture have teamed up to establish renewable energy development growth in India. Their second-ever joint venture is funded partially through the Brookfield Global Transition Fund-II, a commitment of up to $845 million toward the development and construction of the power projects.
Axis Energy Venture will provide its existing pipeline of wind and solar projects to the new partnership. The partnership will help India expand its renewable energy resources, all a part of the country reaching its 2070 target goal of net-zero carbon emissions.
Photo Courtesy Axis Energy Venture
“We foresee strong growth in India on the back of the government’s target of 500 gigawatts of
renewable energy by 2030 and its stated objective of energy security,” Nawal Saini, Brookfield’s managing director, said. “This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind, and storage.”
Axis Energy will pull from its flagship location in North Carolina to contribute to the solar and wind segments of the project.
The partnership will work to provide energy solutions to a wide variety of entities, including corporations, government, and renewable industries such as hydrogen.
“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,” said Kataru Ravi Kumar Reddy, chairman and managing director of Axis Energy Group. “This exciting partnership marks a significant milestone in our mission to accelerate India’s transition to clean and sustainable energy sources.”
Photo Courtesy Axis Energy Venture
The Axis Energy and Brookfield partnership began in 2019 and has already developed nearly 2 gigawatts of solar and wind assets. Brookfield already has almost 20 gigawatts of wind and solar in operation and development in India, with an overall deployed investment of about $10 billion in India in areas such as real estate, infrastructure, and power. The company is working across the world to improve sustainable, green energy for various nations, including a partnership with Reliance Industries in Australia.
“We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reduction targets in 2030,” Luke Edwards, Brookfield Renewable Australia head, said in a media release.
Photo Courtesy Brookfield
Brookfield and Axis Energy are certain to be a key part of India’s move toward no reliance on fossil fuels. The South Asian country is currently the world’s third-largest oil importer. As reported by Reuters, the country is emphasizing an expansion of biofuels in its transport sector to help meet its emissions goals.
Partnerships like these that focus on furthering reliance on solar, wind, hydrogen, and storage help private citizens, small and large businesses, and governments significantly lessen the damage carbon emissions do to the Earth daily.
