Brookfield launches new $600 mln renewable platform to speed India's clean power buildout

July 30 (Reuters) - Global investment firm Brookfield BN.TO said on Thursday it has launched a new renewable energy platform in India called Lumara, which will deploy about $600 million to fast-track solar, wind and battery storage projects, backed by an initial portfolio of more than 6 GW of capacity.

Here are some more details:

• Brookfield said the platform will focus on accelerating the development and construction of renewable energy projects in India by addressing key market bottlenecks.
• The platform aims to tackle delays in power purchase agreement negotiations, slow grid connection queues, and prolonged land acquisition timelines.
• "The business is well-positioned to cater to the decarbonization targets of commercial and industrial customers, including global corporates and hyperscalers, and the government," said Nawal Saini, Managing Partner and Head of Energy, South Asia and the Middle East for Brookfield.
• The investment will be made through Brookfield's Catalytic Transition Fund and adds to Brookfield's energy portfolio, which comprises approximately 45 GW of wind and solar assets in operation and pipeline across the country.
• Brookfield has over $32 billion in investments across infrastructure, energy, real estate and private equity in India.