Brookfield seeks control over India's Leap Green - report

Brookfield Asset Management (TSE:BAM) is looking to acquire a majority stake in Indian renewables company Leap Green Energy Ltd, which is currently owned by its founding family and US investor The Rohatyn Group (TRG), Bloomberg reported, citing insiders.

The Toronto-based company could reportedly make the contemplated USD-500-million (EUR 460.1m) investment through its global transition fund which had its first close in February.

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Tamil Nadu-based Leap Green was founded in 2009, with a portfolio of interests including wind-solar hybrids, pumped hydro storage, green hydrogen/ammonia, grid isolated electric vehicle (EV) charging, offshore wind and repowering. The company owns an operational capacity of 751 MW and aims to surpass 7 GW by the end of 2029, according to its website.

The contemplated deal could provide funds to advance Leap Green’s plan to expand its wind power portfolio at home, according to the insiders quoted by the media.

(USD 1 = EUR 0.920)