Brookfield: Brookfield invests $550 million in Tennessee-based Leap Green Energy

Chennai: Canadian asset manager Brookfield has acquired a majority stake in Tamil Nadu-based renewable energy platform Leap Green Energy by investing $200 million. Brookfield has committed upfront to invest around $200 million through a combination of new share subscription and share acquisition from existing investors, and also plans to make additional equity contributions of up to $350 million, a release said. Brookfield will work with the company’s existing shareholders and grow the platform to over 3 GW over the next four to five years, it said. It currently has a wind and solar asset base of 775 MW, including operational and under-construction assets. The investment will be made through Brookfield Global Transition Fund I (BGTF I). Nawal Saini, Managing Director and Head of Renewable Energy and Transformation, South Asia and Middle East, Brookfield, said, “Our partnership provides an important opportunity to meet demand in the commercial and industrial (C&I) segment and deliver outcomes where decarbonization and value creation are fully aligned.” Tamil Nadu has a total addressable C&I renewable energy market of 20 GW and is a key target market for Leap Green, according to the release. With the partnership with Brookfield, Leap Green plans to scale as a multi-billion dollar renewable energy and energy transformation platform, while maintaining its focus on our home market of Tamil Nadu, said founders Rajeev Karthikeyan and Dev Anand Vijayan. Leap Green Energy delivers green energy to the commercial and industrial segment and is currently focused on expanding services in Tamil Nadu, Rajasthan and several other states.

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