Brookfield and Axis Energy Ventures, based in Hyderabad, have formed another joint venture to establish a renewable energy development platform in India.

According to a press release, Brookfield has committed to providing equity capital of up to $845 million (Rs7280 crore) towards the development and construction of the power projects through the Brookfield Global Transition FundII (BGTF II).

Axis Energy Ventures will contribute their existing development pipeline of wind and solar power projects which are spread across the country and at various stages of development. Since 2019, Brookfield and Axis Energy Ventures through their earlier joint venture have collaborated to develop over 1.8 GW of solar and wind assets.

Under this new strategic partnership, both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen, it added.

Brookfield has over 16 GW of wind and solar assets in operation or development across India. Axis Energy Group has a renewable development portfolio of over 10 GW in various stages of implementation across the country.

"Building on our successful collaboration, we are delighted to be partnering with Axis Energy Ventures again to develop high-quality renewable power projects with best-in-class capabilities," said Nawal Saini, Managing Director at Brookfield. We anticipate strong growth in India as a result of the government's stated goal of energy security and its target of 500 GW of renewable energy by 2030.