Global investment firm Brookfield on Thursday said it will invest up to $600 million in ACME Cleantech Ventures, a UK-based entity of ACME Group, to support the development and construction of green molecule projects in India and the Middle East.
Brookfield is making the investment through its Brookfield Global Transition Fund strategy, which focuses on projects supporting the shift to a net-zero economy.
The investment will help ACME develop green molecule projects aimed at supporting industrial decarbonisation across Asia and Europe, said a press statement.
“The demand for green molecules continues to grow as companies and governments seek scalable solutions to decarbonize while strengthening energy security. This investment marks Brookfield’s entry into the green molecules sector in the region and combines our global scale and institutional capital with ACME’s operating capabilities. ACME has an attractive project pipeline to capture the growing energy transition opportunity in India and the Middle East,” said Nawal Saini, Managing Partner and Head of Energy, South Asia and the Middle East, Brookfield.
ACME is developing green ammonia and green methanol facilities in India and Oman, targeting domestic and international markets. The company has also secured offtake partnerships with global and Indian firms, including Yara International, IHI Corporation, Mitsubishi Gas Chemicals, Solar Energy Corporation of India, IFFCO, Paradeep Phosphates Limited, Coromandel International and Indorama India.
“Green molecules are creating a new supply chain for fuel and feedstock globally while strengthening the long-term energy security of nations. Brookfield’s investment in our green molecules business is a strong endorsement of ACME’s development and operating capabilities as well as the scale of the opportunity ahead,” said Manoj Upadhyay, Chairman of ACME Group.
Brookfield is a global investment firm with more than $1 trillion in assets under management that owns and operates real assets and essential service businesses. It has a significant presence in India’s renewable energy sector, with an energy portfolio of around 50 GW of wind and solar assets across operating and pipeline projects.
