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Corporate PPA: Brookfield progresses on Indian renewables portfolio, signs the second PPA with Amazon

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In a broader services agreement with Amazon Web Services, Brookfield Renewable will supply 602 MW of wind and solar power to decarbonize Amazon’s operations in Europe, North America, and India. The seven projects covered under the corporate power purchase agreement (CPPA) comprise three in the US (in Arkansas, Illinois, and Mississippi), three in Europe (in Spain, Northern Ireland, and Italy), and one in India. In total, the facilities are expected to generate nearly 1.4 GWh of clean energy annually.

The deal marks Brookfield’s second corporate PPA in India, with its first being announced in Sep’22. The company is looking to increase its focus on the Indian renewables market, building upon its initial portfolio of real estate and infrastructure assets, according to sources.

As per recent reports, Brookfield aims to increase its current 4 GW renewable portfolio in India by 3-4X times within the next 10 years, driven by rising demand for clean power by corporates in the country. In India, companies have several mechanisms at their disposal to source renewable energy, such as Open Access, PPAs, and the Group Captive model. While historically, Brookfield prefers to engage in long-term contracts with investment-grade utilities, it forecasts incremental, high-value demand to come from corporates that are increasingly transitioning to bulk customers of clean power.

Brookfield entered the Indian renewables space via the acquisition of TerraForm Global in 2018, through which it acquired 952 MW of solar and wind assets in Brazil, India, and China. The company’s assets under management (AUM) in India stand at $1bn, with plans to invest another $2bn to operationalize its assets under development.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation. 

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