– Brookfield announced the final institutional close of its flagship energy transition strategy, Brookfield Global Transition Fund II (BGTF II), with $20 billion in fund commitments and strategic capital.
– BGTF II exceeded its target and surpassed its predecessor’s record, becoming the world’s largest private fund dedicated to the clean energy transition.
– The Fund attracted contributions from a wide range of institutional investors globally, including both existing and new participants.
– Major commitments include:
▪️$2 billion from ALTÉRRA
▪️$1.5 billion from Norges Bank Investment Management
▪️An additional $3.5 billion in co-investment has been secured, bringing total capital raised for the strategy to approximately $23.5 billion.
– Over $5 billion has already been deployed into high-quality transition investments, including:
▪️Neoen: Public-to-private acquisition of a leading renewable power and battery storage developer.
▪️Geronimo Power: Acquisition of a diversified U.S. energy developer with a major operating and development pipeline.
▪️Evren: Joint venture in India to accelerate the development of over 10 GW of wind, solar, and storage projects.
– Connor Teskey, President of Brookfield Asset Management and CEO for Renewable Power & Transition, emphasized the need for an “any and all” approach to energy investment to meet rising energy demand driven by AI growth and electrification.
– BGTF II will focus on technologies delivering clean, abundant, low-cost energy and transition solutions supporting the global economy.
– Brookfield’s prior transition fund (BGTF I) raised $15 billion, investing in renewables, carbon capture, sustainable aviation fuel, battery storage, and nuclear services through its majority stake in Westinghouse.
– Brookfield has also signed major energy supply agreements with Microsoft (wind/solar) and Google (hydroelectricity), the largest of their kind in each sector.
