New York-headquartered Brookfield Asset Management Ltd announced on Wednesday the sale of a 1.6GW portfolio of solar and wind assets in India to Gentari Renewables India.
The sale has been structured in two phases. A statement from Brookfield said that the first phase, comprising the sale of 1GW of operating assets, is complete, marking Brookfield’s first full cycle portfolio monetization in India for its renewable power & transition business.
Nawal Saini, managing director, head of Renewable Power & Transition, South Asia and the Middle East, Brookfield, said, “Our focus is on delivering value to our stakeholders while advancing the country’s energy transition. Monetizing a part of our portfolio demonstrates our ability to create and realize value. This transaction with Gentari reinforces investor confidence and unlocks new opportunities for further capital allocation in the country.”
Renewable power presence
The global alternative asset manager has around 40GW of wind and solar assets across various stages in India.
Read more: India’s power grid facing warnings due to sudden dip in solar power generation
Its global renewable portfolio comprises around 46GW of installed capacity and a development pipeline of about 200GW.
The company’s assets, located in North and South America, Europe, and Asia Pacific, comprise hydropower, wind, utility-scale solar, and storage facilities.
Brookfield Asset Management has over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit.
JP Morgan was Brookfield’s exclusive financial advisor on this transaction.
India’s renewable energy space has witnessed robust investor interest in the past few years, driven by ambitious energy transition goals. The Union government plans to achieve an installed capacity of 500GW of renewable power by 2030. As of December 2024, India’s installed renewable capacity stood at 209.44GW.
The Economic Survey for FY24 said that investments worth ₹30.5 trillion would be required to meet the 500GW target by the end of the decade.
