Brookfield to invest up to $600 million in India’s ACME green fuels business

NEW DELHI, Sept 17 (Reuters) – US alternative asset manager Brookfield (BAM.N), will invest up to $600 million ​in India’s ACME Cleantech Ventures to ‌help the company develop and build green ammonia and green methanol projects, the companies ​said on Thursday.

Here are details:

• The investment ​marks Brookfield’s entry into the region’s low-carbon fuels ⁠sector and will be made through its ​Brookfield Global Transition Fund strategy.
• ACME said ​the funding will support an advanced pipeline of projects in India and Oman as it seeks ​to expand production of green ammonia ​and other low-carbon fuels for domestic and export markets.
• ACME ‌has ⁠secured supply agreements with customers including Norway’s Yara International, Japan’s IHI Corporation and Mitsubishi Gas Chemical, as well as ​Indian buyers.
• Demand ​for green ⁠fuels is expected to rise as industries seek alternatives to ​fossil fuels to cut emissions ​and ⁠meet decarbonisation targets.
• Brookfield already has a sizeable presence in India’s renewable energy sector, with ⁠a ​portfolio comprising about 50 ​gigawatts of operating and pipeline wind and solar assets.

Reporting ​by Sethuraman NR; Editing by Harikrishnan Nair .