Brookfield Launches $600 Million India-focused Renewable Energy Platform

Brookfield Asset Management announced the launch of Lumara Energy, a new India-based platform focused on accelerating the development and construction of renewable energy projects.

The launch of the new platform comes as India continues to scale up its investments in clean energy, with the country aiming to reach 500 GW of installed renewable energy capacity by 2030. Earlier this year India approved new targets to reduce economy-wide emissions intensity by 47% and to achieve 60% of electric power capacity from non-fossil-based sources by 2035.

According to Brookfield the new platform will deploy approximately $600 million, and will be anchored by an initial development portfolio of over 6 GW of capacity spread across solar, wind and battery storage.

The platform will be anchored by Brookfield’s Catalytic Transition fund (CTF), which was launched in 2023 with a $1 billion anchor commitment from UAE-backed climate investment platform ALTÉRRA, and is aimed at deploying capital into clean energy and transition assets in emerging markets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe.

In a post announcing the launch of the new platform, Nawal Saini, Managing Partner at Brookfield Asset Management, said:

“India is at an important moment in its energy transition. The renewable energy opportunity here is significant, supported by strong demand growth from commercial and industrial customers, global corporates, hyperscalers and the government.”

Saini said that Lumara will help address key bottlenecks in India’s renewable energy market by support faster project execution and by providing credit solutions to developers, adding that “these are critical as India continues to build renewable capacity at scale.”