Brookfield Takes Controlling Stake in Leap Green Energy – pv magazine International

July 12, 2024 Uma Gupta

From pv magazine India

Brookfield said it has signed definitive agreements to acquire a majority stake in Leap Green Energy, an Indian renewable energy company focused on the commercial and industrial (C&I) segment.

Brookfield will initially invest more than $200 million in Leap Green by subscribing for new shares and purchasing shares from existing shareholders. It has the option to add an additional $350 million in equity capital to support Leap Green’s growth.

Brookfield will work with existing Leap Green Energy shareholders to grow the business and expand the platform to more than 3GW over the next four to five years.

Brookfield’s investment is being made through Brookfield Global Transition Fund I (BGTF I). BGTF I capital will support Leap Green’s growth ambitions in the fast-growing C&I segment in India.

“Tamil Nadu, with a total addressable, growing renewable C&I market of 20 GW, is a key target market for Leap Green,” Brookfield said. “Combining Brookfield’s access to capital, supply, operational expertise, and Leap Green’s internal development, asset management, and customer service, the company is well-positioned to address the decarbonization goals of the C&I segment.”

Brookfield has approximately 33 GW of generating capacity and over 155 GW in development. Its assets span North and South America, Europe and Asia Pacific, encompassing hydro, wind, utility-scale solar, distributed generation, storage and other renewable technologies. In India, its renewable portfolio includes 25 GW of wind and solar assets in operation, construction and development.

Leap Green Energy has a wind and solar asset base of 775 MW in operation and under construction. It has in-house development, O&M and account management teams and is currently expanding its services in Tamil Nadu, Rajasthan and other states of India.

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