Global investment firm Brookfield said on Thursday it has launched a new renewable energy platform in India called Lumara, which will deploy about $600 million to fast-track solar, wind and battery storage projects, backed by an initial portfolio of more than 6 GW of capacity.
Solving Infrastructure Bottlenecks
The platform will focus on projects facing delays in power purchase agreement contracting, grid connectivity and land acquisition. Lumara plans to accelerate assets that have advanced land and grid-interconnection positions, allowing construction to begin before a PPA is secured. It will also provide credit solutions to developers to speed up their project portfolios.
The initial portfolio will be spread across solar, wind and battery energy storage systems, enabling the platform to offer flexible power solutions to commercial and industrial consumers, global companies, hyperscale data centres and government buyers.
“India represents one of the most attractive markets globally for renewable energy, supported by strong demand and a target to achieve 500 GW by 2030,” said Nawal Saini, managing partner and head of energy for South Asia and the Middle East at Brookfield.
“Lumara provides distinct solutions to the bottlenecks in the market, which means advancing projects earlier in their lifecycle and enabling faster delivery of critical domestic energy capacity,” Saini said.
The platform will seek to meet multi-year renewable power requirements of large consumers and support their decarbonisation targets. Its combination of solar, wind and storage is aimed at providing more predictable and flexible supplies than standalone renewable projects.
Catalytic Transition Fund
Brookfield is making the investment through its Catalytic Transition Fund, a strategy dedicated to deploying capital in clean-energy and transition assets across emerging markets. Lumara will have a dedicated management team responsible for execution, capital deployment and asset management.
The launch adds to Brookfield’s existing renewable energy presence in India. The firm has around 45 GW of wind and solar assets in operation and under development across its platforms in the country.
Brookfield has invested more than $32 billion in India across energy, infrastructure, real estate and private equity.