Brookfield has unveiled Lumara, a new renewable energy development platform in India, supported by an investment of approximately $600 million. The platform will commence operations with a development portfolio of more than 6 GW, including solar, wind and battery energy storage system (BESS) projects.
According to Brookfield, Lumara aims to address several persistent challenges that hinder renewable energy deployment in India. These include delays in securing power purchase agreements (PPAs), prolonged grid connectivity timelines, and lengthy land acquisition procedures, all of which have impacted project implementation.
Brookfield already maintains a strong footprint in India’s renewable energy sector, with nearly 45 GW of wind and solar assets either in operation or under development across its investment platforms. Across its businesses spanning infrastructure, energy, real estate and private equity, the company has invested more than $32 billion in India.
Nawal Saini, Managing Partner and Head of Energy for South Asia and the Middle East at Brookfield, said India continues to rank among the world’s most attractive renewable energy markets, driven by robust electricity demand and the government’s target of installing 500 GW of renewable energy capacity by 2030.
The investment in Lumara is being made through Brookfield’s Catalytic Transition Fund, which is focused on financing clean energy and energy transition projects across emerging markets.
Brookfield’s global portfolio of renewable energy assets includes hydroelectric, solar, wind, battery storage, distributed generation, nuclear power and other sustainable energy technologies with approximately 46 GW of installed capacity.
Its operational solar portfolio is around 14.2 GW, and it has another 129 GW under development. The company has 17.3 GW of installed capacity in its wind portfolio across North America, South America, Europe and Asia, and 44.3 GW of wind projects in the development pipeline.
In addition to utility-scale renewable power generation, Brookfield also has distributed energy and energy storage businesses in several regions. Its portfolio of distributed generation is now around 5.8 GW, with almost another 52.6 GW of capacity under construction or at various stages of development.
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