Brookfield Launches Lumara to Accelerate Renewable Energy Development in India

Brookfield has launched Lumara, a renewable energy platform in India. The platform will focus on accelerating the development and construction of renewable energy projects in India by addressing key market bottlenecks, including delays in Power Purchase Agreement (PPA) contracting, slow grid connection queues and prolonged land acquisition timelines. 

The platform will address these bottlenecks through multiple strategies, including accelerating construction of projects with advanced land and interconnect positions, so that they can operate ahead of securing a PPA and providing credit solutions to developers to enable the fast tracking of their development portfolios. Lumara will deploy approximately USD 600 million, anchored by an initial portfolio of over 6 GW of capacity spread across solar, wind and Battery Energy Storage Systems (BESS). 

Nawal Saini, Managing Partner and Head of Energy - South Asia and the Middle East, Brookfield, said, “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. 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. The business is well-positioned to cater to the decarbonisation targets of Commercial and Industrial (C&I) customers, including global corporates and hyperscalers and the government, by providing highly flexible power solutions and predictably service multi-year renewable energy requirements of these consumers at scale.”

Brookfield is pursuing the investment in Lumara through its Catalytic Transition Fund (CTF) which is a dedicated strategy for deploying capital into clean energy and transition assets in emerging markets. 

The creation of Lumara builds on Brookfield’s expertise of being an owner, operator and developer of one of the world’s largest clean energy portfolios. The company will have a dedicated management team responsible for project execution, capital deployment and asset management.

Brookfield’s energy portfolio comprises approximately 45 GW of wind and solar assets in operation and pipeline across leading platforms in India. In India, Brookfield has over USD 32 billion in investments across infrastructure, energy, real estate and private equity.