Global investment firm Brookfield has launched a new renewable energy platform in India called Lumara, which will deploy about $600 million to accelerate solar, wind and battery storage projects, reported Reuters.
The platform will begin with an initial portfolio of more than 6 GW of capacity, Brookfield said on Thursday.
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Brookfield said Lumara will focus on accelerating the development and construction of renewable energy projects in India by addressing key market bottlenecks.
The platform will seek to address delays in power purchase agreement (PPA) negotiations, slow grid connection queues and prolonged land acquisition timelines, the company said.
"The business is well-positioned to cater to the decarbonization targets of commercial and industrial customers, including global corporates and hyperscalers, and the government," said Nawal Saini, Managing Partner and Head of Energy, South Asia and the Middle East for Brookfield.
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The investment will be made through Brookfield's Catalytic Transition Fund and will add to the firm's energy portfolio in India, which comprises approximately 45 GW of wind and solar assets in operation and pipeline.
Brookfield currently has more than $32 billion in investments across infrastructure, energy, real estate and private equity in India.
