Global asset manager Brookfield has announced the launch of Lumara, a new renewable energy platform in India that will focus on accelerating the development of solar, wind, and battery energy storage system (BESS) projects. The company plans to invest around $600 million (approximately Rs 5,737 crore) through the platform to support India’s growing clean energy sector. Lumara will begin operations with a project portfolio of more than 6 GW across multiple renewable energy technologies.

The new platform has been created to address some of the major challenges that continue to slow renewable energy projects in India. Developers often face delays in securing power purchase agreements (PPAs), obtaining grid connectivity, and completing land acquisition. These issues can significantly increase project timelines and costs. Lumara aims to overcome these barriers by supporting projects that have already secured land and grid access, allowing construction to move forward even before long-term power contracts are signed. This strategy is expected to reduce delays and bring renewable energy projects online more quickly.

In addition to funding project development, Lumara will provide credit solutions to renewable energy developers. This financial support is designed to help companies speed up project execution and expand their development pipelines. By offering flexible financing, the platform seeks to improve access to capital for developers working to meet India’s rising demand for clean electricity.

Speaking about the launch, Nawal Saini, Managing Partner and Head of Energy for South Asia and the Middle East at Brookfield, said India remains one of the world’s most attractive renewable energy markets. He highlighted the country’s target of installing 500 GW of renewable energy capacity by 2030 as a key driver of future investment opportunities. According to Saini, Lumara will help meet the increasing demand for clean power from commercial and industrial consumers, technology companies operating large data centres, and government utilities by providing reliable, long-term renewable energy supply solutions.

The platform is being funded through Brookfield’s Catalytic Transition Fund, which focuses on investing in clean energy and energy transition projects across emerging markets. Lumara will operate independently with its own management team responsible for project execution, capital deployment, and asset management while complementing Brookfield’s existing renewable energy business in India.

The launch further strengthens Brookfield’s presence in India’s renewable energy sector. The company currently has a combined wind and solar portfolio of around 45 GW across operational and under-development projects in the country. Globally, Brookfield manages more than $1 trillion in assets across over 30 countries and has invested more than $32 billion in India across infrastructure, real estate, energy, and private equity, reflecting its long-term commitment to the country’s economic and clean energy growth.