Brookfield is expanding its India clean energy push with a new platform designed to tackle one of the sector's biggest constraints: getting renewable projects from development to execution.
The global investment firm on Thursday launched Lumara, a renewable energy platform that will deploy $600 million across solar, wind and battery storage projects by targeting bottlenecks such as delays in power purchase agreement (PPA) contracting, grid connection approvals, and land acquisition.
The platform aims to accelerate the development and construction of renewable energy projects by advancing them earlier in their lifecycle, allowing developers to bring capacity online faster.
“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 at Brookfield in a statement. “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.”
Backing the energy transition
The launch comes as global investors continue to increase allocations to energy transition assets, with renewable power generation and battery storage emerging as key investment themes.
Venture capital investors have increasingly backed companies across the clean energy value chain, including battery storage, while larger global investors have continued to finance utility-scale wind and solar projects.
The investments also align with India's broader clean energy ambitions. Under its Nationally Determined Contributions (NDCs) submitted to the United Nations, India aims for non-fossil fuel sources to account for 60% of its installed electricity capacity by 2035.
Lumara will be funded through Brookfield's Catalytic Transition Fund (CTF), which focuses on deploying capital into clean energy and transition assets across emerging markets. The platform's initial portfolio targets 6 GW of solar, wind and battery storage capacity.
Its strategy includes accelerating projects that have already secured land and grid interconnection positions, enabling them to begin construction before signing PPAs, while also providing credit solutions to developers to help fast-track their project pipelines.
Lumara will have a dedicated management team responsible for project execution, capital deployment and asset management.
Brookfield said its existing India energy portfolio comprises about 45 GW of wind and solar assets that are operational or under development. The firm has deployed more than $32 billion in India across infrastructure, energy, real estate and private equity. Globally, Brookfield manages more than $1 trillion in assets across 30 countries.