In May 2024, early reports had Brookfield looking to buy a majority stake in Leap Green Energy, a wind and solar producer based in Coimbatore. By 11 July the deal was signed: $200 million for control of a 775 MW portfolio. Divide one by the other and Brookfield appears to have paid about a quarter of a million dollars per megawatt. That figure is the least informative number in the transaction.
Key takeaways
- Brookfield Asset Management announced on 11 July 2024 that it had acquired a majority stake in Leap Green Energy, an independent power producer headquartered in Coimbatore, Tamil Nadu, for $200 million through Brookfield Global Transition Fund I.
- Brookfield's $200 million investment in Leap Green Energy combines a subscription for new shares with the purchase of shares from existing shareholders, and Brookfield holds an option to invest a further $350 million of equity to fund the company's growth.
- Leap Green Energy has an existing wind and solar portfolio of 775 MW, of which 523.1 MW is operational and the rest is under construction, spread across Tamil Nadu, Rajasthan and Madhya Pradesh.
- Brookfield plans to work with Leap Green's existing shareholders to grow the platform to more than 3 GW over the next four to five years, while the company targets more than 6 GW by 2029.
- Leap Green's assets sell power under long-term PPAs with state distribution companies, for 20 years in Rajasthan and 9 to 12 years in Tamil Nadu, and its Citron Ecopower wind farm sells to industrial and commercial buyers at $73.3/MWh.
How did the deal move from pursuit to signature?
It took about seven weeks. The May reports covered a buyer in pursuit, with the target and the intent to take a majority already public. The July announcement filled in the structure: a single fund, a fixed upfront amount, and a much larger sum held in reserve.
The vehicle matters. Brookfield made the investment through Brookfield Global Transition Fund I, the first of its Global Transition Funds. Enerdatics has covered how that fund's successor came together in Brookfield's $10 billion second Global Transition Fund. A transition fund is built to back platforms that grow, which is why the Leap Green terms read more like a growth investment than a portfolio purchase.
Why is $200 million for 775 MW not a price per megawatt?
Because three things in the structure break the division. The first is the stake. Brookfield bought a majority, and the record does not disclose the percentage. A majority can mean anything above half, so the $200 million covers less than the whole company. Grossing it up to 100 percent would raise the implied value, but by an amount nobody outside the deal can calculate.
The second is where the money goes. Part of the $200 million subscribes for new shares, which means cash goes into Leap Green itself to fund growth. Only the rest buys shares from existing holders. Primary capital of this kind is not a payment for existing megawatts at all. It is funding for megawatts that do not exist yet.
The third is the portfolio. Of the 775 MW, 523.1 MW is operating. The remaining 251.9 MW is still under construction. Measured against operating capacity alone, $200 million is about $0.38 million per MW, before any adjustment for the stake or the primary money.
Put together, the headline division is close to meaningless. It mixes a partial stake, fresh capital and unbuilt capacity into one number.
What is Brookfield actually paying for?
It is paying for a platform with a contracted base and room to grow. The operating fleet is a set of special purpose vehicles, most of them in Tamil Nadu: seven companies there totalling 403.75 MW, from the 75.45 MW Citron Ecopower portfolio down to the 42.05 MW Iris Ecopower. Another 119.4 MW sits in Rajasthan and Madhya Pradesh across Orchid Renewable Powertech, Violet Green Power and Leap Green Energy itself.
The contracts give the base its value. State distribution company PPAs of 20 years in Rajasthan provide long, predictable revenue. The 9 to 12 year contracts in Tamil Nadu are shorter, which leaves earlier recontracting risk but also earlier upside. The Citron asset adds a commercial and industrial sales channel at $73.3/MWh.
The growth is where the $350 million option comes in. Brookfield and the existing shareholders aim to take the platform past 3 GW in four to five years, roughly four times its current size. Leap Green's interests also extend to wind and solar hybrids, pumped hydro storage, green hydrogen and ammonia, grid-isolated EV charging and offshore wind. The option lets Brookfield fund that expansion in steps rather than paying for it upfront.
Enerdatics records 12 wind M&A transactions in India between January 2023 and June 2025, of which seven carry a disclosed value. The two operating asset deals that can be priced per megawatt both sit far above Brookfield's headline figure. INOX Green Energy's sale of the 50 MW Nani Virani wind project for about $36.25 million works out at roughly $0.73 million per MW. JSW Energy's purchase of an 88.72 percent stake in a 124.5 MW portfolio from Hetero for $74.93 million grosses up to about $84.5 million for 100 percent, or roughly $0.68 million per MW. Leap Green's own transaction history shows the other side of the company: in November 2023, Leap Green sold a 228 MW operating wind portfolio to Sembcorp Industries.
What does the deal signal for India's wind market?
It signals that large investors are buying Indian wind as platforms, not as megawatts. Brookfield's earlier commitment of up to $845 million to Axis Energy's pipeline in September 2023, Just Climate's $150 million into Continuum Green Energy in August 2024 and the $100 million that ALTERRA and Brookfield put into Evren in April 2025 all share the same shape: a capital commitment to a developer's growth rather than a price for a fixed set of assets.
That shape makes India's wind market hard to benchmark. Corporate and growth deals dominate the disclosed values, and per-megawatt figures drawn from them mislead. The cleaner reference points are the small number of single-asset sales of operating wind farms, and those suggest operating Indian wind trades at several times Brookfield's headline $0.26 million per MW.
For sellers like Leap Green, the model offers a path between a full exit and staying small. Recycling mature assets, as it did with Sembcorp, and bringing in a majority partner with committed follow-on capital lets the founders keep a stake in a platform that could be several times larger by the end of the decade.
Frequently asked questions
How much did Brookfield pay for Leap Green Energy? Brookfield paid $200 million for a majority stake in Leap Green Energy, through a mix of new shares and shares bought from existing holders, and holds an option to invest a further $350 million of equity.
How large is Leap Green Energy's portfolio? Leap Green Energy has a 775 MW wind and solar portfolio, of which 523.1 MW is operational and the remainder is under construction, located in Tamil Nadu, Rajasthan and Madhya Pradesh.
What are Brookfield's plans for Leap Green? Brookfield plans to work with Leap Green's existing shareholders to grow the platform to more than 3 GW over the next four to five years, using Brookfield Global Transition Fund I capital.
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