Brookfield Asset Management (NYSE:BAM) will inject more than $2B into Indian renewables projects, anticipating a clean energy investment opportunity in the fossil fuel-driven economy, the head of Brookfield's renewable power business told Bloomberg on Thursday.
Brookfield (BAM) has 4 GW of renewable projects in India and already has spent $1B to bring a quarter of that into operation, and it is ready to add another $2B over the next 18-24 months to make the remaining capacity operational, Connor Teskey said, according to Bloomberg.
"Given our ambition in the region, if we're at 4 GW today, we would expect that platform to increase by multiples over the years," Teskey said.
India heavily depends on fossil fuels, with petroleum fuels being used for most of its transport and 70% of its electricity derived from coal.
Brookfield Asset Management (BAM) "has a great track record in terms of executing optimistic plans," Eric Sprague writes in a bullish analysis posted recently on Seeking Alpha.