Brookfield to invest up to $600 million in India's ACME green fuels business
BAM•Brookfield backs ACME green fuels expansion
NEW DELHI, Sept 17 (Reuters) - US alternative asset manager Brookfield will invest up to $600 million in India's ACME Cleantech Ventures to help the company develop and build green ammonia and green methanol projects, the companies said on Thursday.
Here are details:
- The investment marks Brookfield's entry into the region's low-carbon fuels sector and will be made through its Brookfield Global Transition Fund strategy.
- ACME said the funding will support an advanced pipeline of projects in India and Oman as it seeks to expand production of green ammonia and other low-carbon fuels for domestic and export markets.
- ACME has secured supply agreements with customers including Norway's Yara International, Japan's IHI Corporation and Mitsubishi Gas Chemical, as well as Indian buyers.
- Demand for green fuels is expected to rise as industries seek alternatives to fossil fuels to cut emissions and meet decarbonisation targets.
- Brookfield already has a sizeable presence in India's renewable energy sector, with a portfolio comprising about 50 gigawatts of operating and pipeline wind and solar assets.
