ACME Group said on Thursday that Brookfield will invest up to $600 million in ACME Cleantech Ventures to support the development and construction of an advanced pipeline of ACME’s green molecule projects in India and West Asia.
ACME Cleantech Ventures is a UK-based privately held entity within the ACME Group, which will be dedicated to the Group’s green molecules projects.
ACME’s green molecules business is advancing the development of new green ammonia and green methanol facilities in India and Oman, further strengthening its position as a leading developer of scalable, cost-competitive green molecules solutions for domestic and global markets.
It has secured strategic offtake partnerships with leading international and domestic counterparties, including Yara International of Norway, IHI Corporation of Japan, Mitsubishi Gas Chemicals, Solar Energy Corporation of India and Indian fertilizer companies such as IFFCO, Paradeep Phosphates, Coromandel International and Indorama India.
Brookfield is pursuing the investment in ACME through its Brookfield Global Transition Fund strategy, which is focused on investing in opportunities that accelerate the transition to a net-zero carbon economy.
The investment will enable the development of green molecule projects as a scalable solution to help industries decarbonize their operations across Asia and Europe.
Nawal Saini, Managing Partner and Head of Energy for South Asia and the Middle East at Brookfield, said, “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, he added.
Manoj Upadhyay, Chairman of ACME Group said that green molecules are creating a new supply chain for fuel and feedstock globally while strengthening the long-term energy security of nations.”
“As we develop our world-class green ammonia and other green molecules projects, we aim to accelerate cost-competitive decarbonization and build a global platform serving customers in Asia, Europe and beyond,” he added.
ACME’s strong project portfolio, underpinned by long-term, bankable offtake contracts with blue-chip counterparties in India and globally creates a solid foundation for generating large-scale sustainable cash flows over the long term, he said.
Brookfield has a significant presence in India’s renewable energy sector with an energy portfolio comprising around 50 gigawatt (GW) of wind and solar assets in operation and pipeline across leading platforms.