Brookfield has announced the launch of Lumara Energy, a new renewable-energy platform in India that will deploy $600 million and have an initial development portfolio of more than 6 gigawatts across solar, wind and battery storage.
Lumara is anchored by Brookfield’s Catalytic Transition strategy, which will invest in clean-energy and transition assets in emerging markets.
The platform was created to address several constraints affecting renewable-energy deployment in India, according to various sources. These challenges include delays in finalizing power-purchase agreements (PPAs), long grid connection queues and extended land acquisition timelines. Lumara will support faster project execution by advancing developments with secured land and grid interconnection so they can move ahead before PPAs are finalized, Taiyang News reports. The platform also will provide credit solutions to developers to help accelerate project pipelines.
“India is at an important moment in its energy transition,” Nawal Saini, managing partner at Brookfield Asset Management, wrote in a LinkedIn post regarding the platform’s launch. “The renewable-energy opportunity here is significant, supported by strong demand growth from commercial and industrial customers, global corporates, hyperscalers and the government. With the country’s ambition to achieve 500 gigawatts of non-fossil fuel capacity by 2030, realizing this opportunity at scale will require capital, operational expertise and disciplined execution. … We remain committed to contributing to India’s energy goals and building a more sustainable future.”
Vignesh Nandakumar, the former CEO Asia at Enfinity Global, has been selected to lead the new platform, according to his LinkedIn page.
He wrote, “Looking forward to the exciting times ahead building Lumara Energy with the experienced Brookfield team to accelerate the energy transition in India!”
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