Canada-Based Brookfield Asset Management Commissions Solar Plant In Bikaner

Canada-Based Brookfield Asset Management Commissions Solar Plant In Bikaner. Photo: Pexels

Canadian investment firm Brookfield Asset Management announced the commissioning of the first phase of a solar energy project in Bikaner, Rajasthan. “This marks a significant milestone in the development of what is poised to be India’s largest renewable energy park with inter-state transmission system connectivity,” stated the company in its media statement.

The first phase of the Bikaner project introduces 268 megawatts peak (MWp) of solar power capacity, with plans to expand the park to a total capacity of 550 MWp upon the completion of its second phase, read the press release by Brookfield Asset Management.

Brookfield Asset Management’s renewable power and transition portfolio in India encompasses 20 GW of wind and solar assets, either operational or under development. The company, with around 33 GW of generating capacity globally, remains a key player in the renewable energy sector, investing in a variety of technologies including hydro, wind, utility-scale solar, and more.

Murzash Manekshana, Brookfield’s Managing Director and Head of Asset Management in India for Renewable Power & Transition expressed satisfaction with the project’s progress and its role in aiding customers’ decarbonisation efforts. Aright Greentech and Jackson Green served as the development and EPC partners, respectively, for this landmark project. Brookfield Asset Management oversees more than USD 900 billion in assets, focusing on investments in real assets and essential services critical to the global economy.

Last month, Brookfield Asset Management sought to partially capitalise on its clean energy assets. Brookfield boasts a collective capacity of approximately 1.6 GW and holds an enterprise value ranging between Rs 9,000 and 10,000 crore (equivalent to $1-1.2 billion), as per the company. To facilitate this partial monetization, investment bank JP Morgan has been engaged to manage the process. Among the 1.6 GW capacity, 1 GW capacity is currently operational, and about 600 MW capacity projects that are under construction are slated for completion by the end of 2024.

Brookfield Asset Management has also secured $10 billion in the initial closing of the second installment of the Brookfield Global Transition Fund (BGTF II), encompassing both fund commitments and strategic capital from its investor network.