Brookfield has an option to infuse further $350 million of incremental equity capital to support the future growth of Leap Green Energy
Rituraj Baruah
Published11 Jul 2024, 03:29 PM IST
Leap Green has an existing wind and solar asset base of 775 megawatts (MW), including running and under-construction assets.(AP)
Canadian asset management firm Brookfield on Thursday announced an equity investment of over $200 million in Tamil Nadu-based renewable energy company Leap Green Energy, with an option to infuse $350 million more in the future.
Brookfield said in a statement that it recently entered into definitive strategic investment agreements with Leap Green Energy, pursuant to which it has acquired a majority controlling stake in the company.
"Brookfield has provided an upfront commitment to make an equity investment of over $200 million in Leap Green, through a combination of subscription of new shares and acquisition of shares from current shareholders. Additionally, Brookfield has an option to infuse further $350 million of incremental equity capital to support the future growth of the business," it said.
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The statement added that Brookfield shall work alongside Leap Green's existing shareholders to enhance its capabilities and achieve over 3 gigawatts (GW) of capacity over the next four to five years.
Leap Green has an existing wind and solar asset base of 775 megawatts (MW), including running and under-construction assets.
“Our partnership provides an important opportunity to meet the demand in the C&I (commercial and industrial) segment and deliver outcomes where decarbonization and value creation are in total alignment. We remain committed to helping corporates in reducing their carbon footprint and positively impacting the environment,” said Nawal Saini, managing director, head of renewable power and transition, South Asia and the Middle East, Brookfield.