Canadian asset manager Brookfield Asset Management Ltd has announced definitive agreements to secure a majority controlling stake in Indian renewables platform Leap Green Energy Pvt Ltd, in a deal valued at up to USD 550 million (EUR 505.3 million).
Under the terms, Brookfield will initially invest over USD 200 million through subscribing to new shares and acquiring existing shares from current stakeholders. The agreement also includes an option for Brookfield to inject an additional USD 350 million of equity to support Leap Green's expansion efforts.
Funding for this investment will be sourced from the Brookfield Global Transition Fund I (BGTF I).
Leap Green Energy, based in Tamil Nadu, focuses on delivering clean energy solutions to commercial and industrial (C&I) customers. Brookfield highlights Tamil Nadu's substantial potential with a renewables C&I market estimated at 20 GW.
Brookfield's investment aims to bolster Leap Green's growth within the burgeoning C&I segment. The company plans to collaborate with existing shareholders to scale Leap Green's portfolio from its current 775 MW of wind and solar assets to over 3 GW within the next four to five years.
