Brookfield eyes global acquisitions in renewables, aiming to expand investments in India and beyond
Brookfield Asset Management Ltd. is looking to secure billion-dollar deals in the renewable power sector after a recent drop in valuations, as per BNN Bloomberg.
Earlier this year, the company raised $10bn for an energy transition fund and $2.4bn for a similar fund aimed at emerging markets.
According to Natalie Adomait, managing partner in Brookfield’s renewable power and transition group, the firm is now seeking investments of around $1bn in equity.
Speaking at the BNEF Summit in London, Adomait mentioned that Brookfield sees global opportunities “to acquire renewable developers or maybe a big utility.”
This follows Brookfield’s recent acquisition of a majority stake in Neoen SA, moving the company closer to a €6.1bn (US$6.7bn) takeover of the French renewable developer.
The firm was able to capitalize on the reduced valuations of publicly traded renewable power companies, which had been impacted by rising interest rates and supply chain issues in the offshore wind industry.
“Did that create a buying opportunity? Yes, absolutely,” Adomait said, noting that “underlying value on the ground hadn’t changed. Fundamentals were steady, demand still strong.”
Adomait also pointed to India as one of the most attractive markets for renewable investment.
The country has fallen behind on its green energy targets, creating significant opportunities for international investors. Brookfield currently manages $3bn in renewable assets in India and aims to grow this to $10bn.
“That market is booming, and the government has really unlocked investment opportunities for international investors,” she said.
