Brookfield Asset Management has launched a 268 MWp solar energy project in Bikaner, Rajasthan, as part of plans to expand capacity to 550 MWp in its second phase. The project — with inter-state transmission connectivity — marks a key step in developing India’s largest renewable energy park.
India's Largest Renewable Energy Park
Brookfield Asset Management — a Canadian investment firm — and a leading global alternative asset manager has announced the launching of a 268 megawatts peak (MWp) solar energy project in Bikaner, Rajasthan, India.
This project is part of a broader plan, the second phase of which is planned to be completed and will increase capacity to 550 MWp overall. The company said in its press release on Thursday "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."
Impact Of The Investment
Aiming to speed the worldwide transition to a net-zero carbon economy while providing investors with exceptional risk-adjusted returns, the first vintage of the world's largest fund, the Brookfield Global Transition Fund I (BGTF I), provided the equity investment for Bikaner.
Virtual PPA, third-party open access, group captive, and merchant sale are just a few of the business models that are hosted by the renewable energy park. For this historic project, Aright Greentech was the development partner and Jackson Green was the EPC partner.
Managing Director and Head of Asset Management in India, Renewable Power & Transition at Brookfield, Murzash Manekshana, expressed pleasure for the project's advancement and its contribution to customers' decarbonization efforts.
India’s Goal Being Achieved
With this massive endeavour, India is stepping up its attempts to transition to a greener, carbon-neutral economy. A national goal of the nation is to have 500GW of renewable energy power capacity by 2030.
As an example of Brookfield's dedication to assisting India in achieving its decarbonization objectives, the Bikaner solar park is specifically intended to meet the energy demands of the commercial and industrial sectors.
Brookfield’s Gain
By selling off a portion of its 1.6GW of renewable assets, Brookfield is hoping to generate between $1 and $1.2 billion from the Indian market. JP Morgan has already been enlisted to oversee the transaction.
With around 25 billion dollars invested in the Indian energy sector since its founding in 2014, Brookfield currently has a clean energy portfolio consisting of about 20 GW of operational or under-development wind and solar assets.
To diversify its holdings in solar and wind energy, Brookfield has also teamed up with Axis Energy Ventures — based in Telangana. It plans to invest $845 million from the Brookfield Global Transition Fund-II in renewable energy projects.
Brookfield — with a generating capacity of about 33 GW — is one of the biggest global investors in renewable energy. Hydro, wind, utility-scale solar, distributed generation, storage, and other renewable technologies make up the varied technology base of its assets, which are spread across North and South America, Europe, and Asia Pacific.
