GLP Partners with Brookfield to Pursue Rooftop Solar Opportunities in China

The joint venture, by affiliates of GLP and Brookfield, intends to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1 Gigawatt development pipeline, which is equivalent to the annual power consumption of approximately 750,000 households.

GLP, the leading global provider of logistics solutions and Brookfield Asset Management, a leading global alternative asset manager, has announced the formation of a 50:50 joint venture dedicated to building a leading platform for distributed solar energy on logistics and commercial rooftops in China.

The joint venture, by affiliates of GLP and Brookfield, intends to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1 Gigawatt development pipeline, which is equivalent to the annual power consumption of approximately 750,000 households.

The partnership will leverage GLP’s growing footprint of approximately 33 million square meters of logistics facilities in China and Brookfield’s extensive expertise as a leading global owner, operator and developer of renewable power assets.

The partners expect to pursue development opportunities on third party-owned rooftops in the country, and may expand into other areas of co-operation in the future.

Ming Mei, Co-Founder and CEO of GLP, said, “This new partnership with Brookfield will allow us to leverage each other’s strengths to further capitalize on GLP’s high-quality assets. Investing in infrastructure beyond GLP’s logistics platform is part of our strategy to develop an ecosystem that harnesses technology to deliver better outcomes for our customers and communities.”

“This partnership represents an attractive opportunity to expand our footprint in China’s rapidly growing renewables market, with a strong local partner in GLP,” said Bruce Flatt, CEO of Brookfield Asset Management.

Stewart Upson, CEO of Brookfield Asset Management Asia Pacific, said, “We look forward to working closely with GLP and leveraging our experienced local operating team and significant renewables development expertise to establish a leading rooftop solar platform in China.”