Brookfield's big sale has many investors interested
NEW DELHI : Actis Llp’s BluPine Energy, Singapore’s Sembcorp Industries Ltd, Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy, Torrent Power and JSW Group are exploring to buy Brookfield Renewable’s 1.6 gigawatt (GW) portfolio in India, two people aware of the development said. The deal is expected to have an equity value of around $800 million. JP Morgan is running the sale process for the 1.6 GW capacity, of which 1 GW is operational, while the balance 600 MW is under execution.
Canada’s Brookfield Asset Management Inc. is a major investor in India’s green energy space. Its Brookfield Global Transition Fund (BGTF) has committed to invest $1 billion in Avaada Ventures Pvt.
Ltd. Also, Brookfield Renewable last year acquired a controlling stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt. Ltd for $360 million.
Brookfield Asset Management has also signed an agreement with Mukesh Ambani promoted Reliance Industries Ltd to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia. “The non-binding offers (NBOs) are expected to be submitted shortly," said one of the two people cited above on the condition of anonymity. Spokespersons for Brookfield Asset Management Inc., JP Morgan, Actis, Edelweiss Alternatives and JSW Energy declined comment.
Queries emailed to the spokespersons of Torrent Power and Sembcorp Industries Ltd on Thursday evening remained unanswered till press time. Brookfield, which has over $900 billion in assets under management worldwide, has invested $25 billion in India. The Brookfield Renewable portfolio comprises an installed capacity of around 33 GW across hydroelectric, wind, utility-scale solar, storage and green energy sources.
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