Brookfield, a Canadian asset management business, has purchased a 75% controlling stake in Leap Green Energy, a renewable energy platform located in Tamil Nadu.

Brookfield has made an upfront commitment to spend approximately $200 million through a combination of new share subscriptions and acquisitions from existing shareholders. The business intends an extra stock investment of up to $350 million, according to a press statement.

"Brookfield shall work alongside the company's existing shareholders to enhance its capabilities and grow the platform to in excess of 3 GW over the next four to five years," according to the announcement.

The investment will be made via the Brookfield Global Transition Fund I (BGTF I).

Brookfield said Tamil Nadu has a total addressable, expanding renewable commercial and industrial market of 20 GW, making it an important target market for Leap Green.

Nawal Saini, Brookfield's managing director and head of renewable power and transition, in South Asia and the Middle East, stated, "Our partnership provides an important opportunity to meet demand in the C&I segment and deliver outcomes where decarbonization and value creation are completely aligned." We are dedicated to assisting corporations in lowering their carbon footprints and positively influencing the environment."

According to founders Rajeev Karthikeyan and Dev Anand Vijayan, the relationship with Brookfield would allow Leap Green to grow into a multibillion-dollar renewable and energy transition platform while maintaining a focus on its home market of Tamil Nadu.

Leap Green Energy delivers green energy to the country's commercial and industrial sectors. It now owns 775 MW of wind and solar assets, including both operating and under-construction assets. According to the firm, they specialize in wind/solar power forecasts and are now expanding into Tamil Nadu, Rajasthan, and a few more regions.