Brookfield launches renewable energy platform Lumara, to deploy $600 mn in India

Global investment firm Brookfield has launched Lumara, a renewable energy platform that will invest about $600 million to accelerate the development of clean energy projects in India by addressing key bottlenecks in the sector, it said on Thursday.

The platform will be anchored by an initial portfolio of more than 6 GW spanning solar, wind and battery energy storage systems (BESS). Lumara aims to tackle structural challenges such as delays in power purchase agreement (PPA) contracting, grid connectivity and land acquisition, which often slow the execution of renewable energy projects.

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To address these issues, the platform will support projects with advanced land and grid interconnection positions, enabling construction to begin even before PPAs are secured. It will also provide structured credit solutions to developers, helping them fast-track project development and execution.

"India represents one of the world's most attractive renewable energy markets, supported by strong electricity demand and the country's target of achieving 500 GW of non-fossil fuel capacity by 2030," said Nawal Saini, Managing Partner and Head of Energy for South Asia and the Middle East at Brookfield.

"Lumara is designed to unlock key market bottlenecks by advancing projects earlier in their lifecycle, enabling faster deployment of renewable energy capacity. The platform will support the decarbonisation goals of commercial and industrial customers, including global corporations and hyperscale data centre operators, while providing flexible, long-term clean power solutions."

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Brookfield is making the investment through its Catalytic Transition Fund (CTF), a dedicated strategy focused on clean energy and transition assets across emerging markets.

The launch of Lumara builds on Brookfield's global renewable energy franchise, under which it owns, operates and develops one of the world's largest clean energy portfolios.

In India, Brookfield has around 45 GW of wind and solar assets in operation and under development across multiple platforms. The firm has invested more than $32 billion in the country across infrastructure, energy, real estate and private equity.