Brookfield Asset Management, a prominent Canadian firm, has announced its second joint venture with Axis Energy Ventures, a flagship of North Carolina-based Axis Energy. The two companies unveiled this strategic partnership in a joint statement on Thursday.
Axis Energy Ventures will bring its extensive development pipeline of wind and solar power projects into the joint venture, demonstrating a commitment to accelerating India's renewable energy sector. The collaboration, timed perfectly with the escalating demand for clean energy, aims to provide sustainable energy solutions to government entities, corporate clients, and burgeoning industries, including the promising green hydrogen sector.
Nawal Saini, the Managing Director of Brookfield, expressed optimism about the venture's prospects, stating, “We foresee strong growth in India on the back of the government's target of 500 GW of renewable energy by 2030, and its stated objective of energy security.”
This isn't the first collaboration between Axis Energy and Brookfield. The partnership was initially formed in 2019 and has already made significant strides in the renewable energy arena, developing over 1.8 gigawatts (GW) of solar and wind assets.
Currently, Brookfield boasts an impressive portfolio of more than 16 GW of wind and solar assets either operational or in development across India. This further solidifies the company's commitment to fostering sustainable energy solutions in the region.
Notably, this announcement follows Brookfield's recent venture with Reliance Industries (RELI.NS) in Australia, a testament to its global commitment to clean energy initiatives. Australia, like India, is actively seeking to boost the adoption of cleaner fuels.
As India sets ambitious targets, including a goal of achieving net zero emissions by 2070 and expanding the use of biofuels in its transport sector, partnerships like the one between Brookfield and Axis Energy Ventures become vital drivers of the nation's clean energy transition.
