Brookfield buys controlling stake in TN-based Jump Inexperienced – Trade Information

Canadian investor Brookfield on Thursday said it has bought a controlling stake in Leap Green Energy, a Tamil Nadu-based renewable energy company.

Brookfield said it has made an upfront commitment to make an equity investment of over $200 million in Leap Green through a subscription of new shares and acquisition of shares from current shareholders. Additionally, Brookfield has the option to infuse further $350 million of incremental equity capital to support future growth of the business.

Leap Green is focused on providing clean energy solutions to commercial and industrial (C&I) customers. Brookfield and Leap Green recently entered into definitive strategic investment agreements.

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“Brookfield shall work alongside the company’s existing shareholders to enhance its capabilities and grow the platform to over 3 GW in the next 4-5 years,” the Canadian firm said.

The investment will be made through the Brookfield Global Transition Fund I (BGTF I). 

Nawal Saini, managing director (MD), head of renewable power & transition, South Asia and West Asia at Brookfield, said: “Our partnership provides an important opportunity to meet the demand in the C&I segment and deliver outcomes where decarbonisation and value creation are in total alignment. We remain committed to helping corporates reduce their carbon footprint.”

In a statement, Rajeev Karthikeyan, founder & MD of Leap Green, and Dev Anand Vijayan, founder & CEO of Leap Green, said: “We are delighted to partner with Brookfield to combine their strengths with our own capabilities and scale Leap Green to a multibillion dollar renewable and energy transition platform, while retaining a focus on our home market of Tamil Nadu.”

Brookfield is one of the world’s largest investors in the renewable energy space with nearly 33 GW of generating capacity and a development pipeline of over 155 GW. In India, Brookfield’s renewable power and transition portfolio comprises over 25 GW of wind and solar assets in operation, construction and/or development.