Canada’s Brookfield Asset Management is set to acquire two wind farms from Hyderabad-based Axis Energy Ventures for Rs 500 crore. This will be Brookfield Asset Management’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 Brookfield Asset Management’s total renewable portfolio in the country to 510 MW. The assets of Axis Energy Ventures are fully contracted under a long-term, 25 year power purchase agreement (PPA) with a credit-worthy utility.

Axis Energy Ventures India is the flagship company of Axis Energy Group and engaged in the development of renewable and clean energy projects. It has committed to develop 12,500 MW renewable energy projects by FY22, including 6,500 MW of projects in Andhra Pradesh.

Axis Energy Group has developed 860.2 MW wind power projects in 2016-17 which include Axis Wind Farms in Anantapur, Andhra Pradesh with 105 MW. Under solar power projects, Axis Energy Group has a capacity creation of 2,500 MW committed to the Andhra Pradesh government.