Brookfield has launched Lumara, a renewable energy platform focused on accelerating the development and construction of renewable energy projects in India.
The platform plans to deploy around $600 million, anchored by an initial portfolio of more than 6 GW of solar, wind and battery energy storage system (BESS) projects.
“The platform will focus on accelerating the development and construction of renewable energy projects in India by addressing key market bottlenecks, including delays in PPA (power purchase agreement) contracting, slow grid connection queues, and prolonged land acquisition timelines,” stated Brookfield. “The platform will address these bottlenecks through multiple strategies, including accelerating construction of projects with advanced land and interconnect positions, so that they can operate ahead of securing a PPA and providing credit solutions to developers to enable the fast tracking of their development portfolios.”
“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, South Asia and the Middle East, 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 is intended to support the decarbonization targets of commercial and industrial (C&I) customers, including global corporates and hyperscalers, and the government, by providing highly flexible power solutions.
Brookfield is pursuing the investment in Lumara through its Catalytic Transition Fund (CTF), which deploys capital into clean energy and transition assets in emerging markets.
The company said its Lumara RE platform will have a dedicated management team responsible for project execution, capital deployment, and asset management.
Brookfield’s energy portfolio in India comprises approximately 45 GW of wind and solar assets in operation and pipeline across leading platforms.
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