Canadian asset manager Brookfield has launched Lumara, a renewable energy platform in India that will deploy approximately $600 million (Rs 5,737 crore) to speed up the development and construction of solar, wind and battery energy storage projects in the country, according to a company statement.
The platform will be anchored by an initial portfolio of more than 6 gigawatts of capacity spread across solar, wind and battery energy storage systems (BESS), the global investment firm said.
Brookfield said Lumara is designed to tackle structural bottlenecks that have slowed India's clean energy rollout, including delays in signing power purchase agreements (PPAs), long grid connection queues and prolonged land acquisition timelines.
The platform will push ahead with construction of projects where land acquisition and grid interconnection have already been secured, allowing them to become operational before PPAs are signed. It will also offer credit solutions to developers to help them fast-track their project pipelines.
"India represents one of the most attractive markets globally for renewable energy," Nawal Saini, managing partner and head of energy for South Asia and the Middle East at Brookfield, said in the statement, citing the country's target of 500 GW of renewable energy capacity by 2030.
Saini added that Lumara is positioned to serve the decarbonisation needs of commercial and industrial customers, including large corporates and hyperscalers, as well as government demand, through flexible, multi-year power supply arrangements.
Brookfield is making the investment through its Catalytic Transition Fund (CTF), a strategy dedicated to deploying capital in clean energy and transition assets across emerging markets. The platform will have its own management team that will oversee project execution, capital deployment and asset management, separate from Brookfield's existing renewable energy businesses in the country.
The launch builds on Brookfield's position as one of the world's largest owners, operators and developers of clean energy assets. In India, its wind and solar portfolio, including operational and under-development projects across its platforms, stands at approximately 45 GW. The firm has invested more than $32 billion in India across infrastructure, energy, real estate and private equity.
Brookfield has been expanding its renewable energy footprint in India in recent years, including through Evren, its joint venture with Axis Energy Ventures, which has secured financing from lenders such as state-run REC Ltd for hybrid wind-solar-storage projects backed by long-term power sale agreements.
Globally, Brookfield manages more than $1 trillion in assets across infrastructure, energy, private equity, real estate and credit, with operations in more than 30 countries.
