Brookfield enters second renewable energy joint venture with Axis Energy

(Reuters) – Canada’s Brookfield Asset Management has entered its second joint venture with Axis Energy Ventures to establish a renewable energy development platform targeting growth in India, the companies said in a joint statement on Thursday.

Axis Energy Ventures, a flagship of North Carolina-based Axis Energy, will contribute its existing development pipeline of wind and solar power projects to the JV.

The JV, which comes at a time when demand for clean energy is booming, aims to provide energy solutions to government entities, corporate customers, and emerging industries such as green hydrogen, the statement added.

“We foresee strong growth in India on the back of the government’s target of 500 GW of renewable energy by 2030, and its stated objective of energy security,” said Nawal Saini, managing director of Brookfield.

Axis Energy and Brookfield have been in a partnership since 2019 and had developed over 1.8 gigawatts (GW) of solar and wind assets in its previous venture.

Brookfield currently has more than 16 GW of wind and solar assets in operation or in the development pipeline across India, the company said.

This comes after Brookfield teamed up with Reliance Industries for a renewable energy push in Australia, as the country looks to boost the use of cleaner fuels.

India is targeting net zero by 2070 and is expanding use of biofuels in its transport sector.

(Reporting by Ashna Teresa Britto; Editing by Varun H K)