Canada-based Brookfield Asset Management has entered into a second partnership with Axis Energy Ventures to create a joint venture (JV) focused on developing renewable energy in India.

The JV aims to provide energy solutions to India’s government entities, corporate customers, and emerging industries such as green hydrogen.

Axis Energy Ventures, the clean energy business of US-based Axis Energy, will contribute its existing development pipeline of wind and solar power projects to the JV.

Brookfield, through its Brookfield Global Transition Fund II (BGTF II), will provide up to $845m equity capital to develop Axis Energy’s wind and solar energy project pipeline.

The two companies will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants.

Brookfield managing director Nawal Saini said: “We foresee strong growth in India on the back of the government’s target of 500 GW of renewable energy by 2030, and its stated objective of energy security.”

Axis Energy and Brookfield have been working together since 2019 and developed more than 1.8 GW of solar and wind assets in the previous venture.

Currently, Brookfield owns more than 16GW of wind and solar assets in operation or in the development pipeline across India.

Last month, the Canadian company partnered with Reliance Industries to explore potential opportunities for manufacturing renewable energy equipment in Australia.