Brookfield Asset Management has launched a 268 MWp solar energy project in Bikaner, Rajasthan, with plans to expand its capacity to 550 MWp in a second phase. Including inter-state transmission connectivity, the project marks a significant step toward developing India’s largest renewable energy park.
India’s Largest Renewable Energy Park
Brookfield Asset Management, a leading Canadian investment firm, has launched the first 268 megawatt-peak (MWp) phase of its Bikaner solar power project in Rajasthan. This initiative is part of a larger plan set to expand to a total capacity of 550 MWp. “With inter-state transmission system connectivity, this represents a significant milestone in the development of what is poised to be India’s largest renewable energy park,” the company said in a press release.
Impact of the Investment
Equity for the Bikaner solar project was provided by the Brookfield Global Transition Fund I (BGTF I), the world’s largest fund of its kind. BGTF I aims to accelerate the global transition to a net-zero economy while providing investors with strong risk-adjusted returns.
The renewable energy park supports several business models, including virtual PPAs, third-party open access, group captive, and merchant sales. Aright Greentech was the development partner for this landmark project, with Jackson Green as the EPC partner.
Murzash Manekshana, Managing Director for Renewable Power & Transition at Brookfield in India, commented on the project’s progress, highlighting its contribution to helping customers achieve their decarbonization goals.
Advancing India’s Green Energy Goals
This major project supports India’s accelerating transition to a greener, carbon-neutral economy. The nation has set an ambitious goal of reaching 500 GW of renewable energy capacity by 2030.
Specifically designed to meet the energy needs of commercial and industrial customers, the Bikaner solar park demonstrates the commitment of Brookfield Renewable India to helping the nation achieve its decarbonization objectives.
Brookfield’s Broader Strategy
Brookfield also aims to generate between $1 and $1.2 billion from the Indian market by selling a portion of its 1.6 GW of renewable assets. The company has appointed JP Morgan to oversee the transaction.
Since entering the market in 2014, Brookfield has invested approximately $25 billion in India’s energy sector. Its current clean energy portfolio includes about 20 GW of wind and solar assets either operational or under development.
To further diversify its solar and wind holdings, Brookfield has also partnered with Telangana-based Axis Energy Ventures. The firm plans to invest $845 million from the Brookfield Global Transition Fund-II in new renewable energy projects.
With a generating capacity of about 33 GW, Brookfield is one of the world’s largest global investors in renewable energy. Its assets are spread across North and South America, Europe, and the Asia-Pacific, with a diverse technology portfolio that includes hydro, wind, utility-scale solar, distributed generation, and storage.
