Investment firm Brookfield and Hyderabad-based Axis Energy Ventures have inked a second joint venture (JV) partnership to establish a renewable energy (RE) development platform in India. Through its fund Brookfield Global Transition Fund-II (BGTF-II), Brookfield has committed capital of up to USD 845 million (Rs 7,280 crore) towards the development and construction of the power projects.

To take the strategic partnership ahead, the partners will jointly serve the energy requirements of industry participants, including government entities, corporate consumers, and green hydrogen space, by utilising multiple technologies at scale.  Axis Energy Ventures will contribute with its existing pipeline of wind and solar projects.

This would be Brookfield’s first direct acquisition in the renewable energy space in India. The addition of Axis Energy’s two wind farms totalling 210 MW will take the global investor's total renewable portfolio in the country to 510 MW.

Brookfield Asset Management has deployed about USD 10 billion in India in sectors such as real estate, infrastructure and power, and has over USD 350 billion in assets under management. It is among the contenders for buying the more than 1,000-MW renewable energy assets of debt-laden Infrastructure Leasing & Financial Services (IL&FS).

Axis Energy Ventures India, the flagship company of Axis Energy Group, has a capacity creation of 2,500 MW committed to the Andhra Pradesh government, and last year, Suzlon Energy and Axis Energy Group entered into an agreement to set up 4,000 MW of wind, solar and hybrid RE projects in Anantapur and Nellore districts of the state.