Brookfield Asset Management Inc. sees a major opportunity in powering India's data centres with renewable energy as the country's large population drives demand for artificial intelligence applications. The New York-based investment giant, which manages about US$1 trillion in assets, including US$32 billion in India, believes the country's 1.5 billion people will become massive consumers of global AI applications, requiring a vast build-out of data centres and clean power.
India's AI adoption and infrastructure needs
“India is a very large-scale adopter,” said Nawal Saini, managing partner in Brookfield’s energy group. “As AI use cases become more clear and widespread, we have a 1.5 billion population to serve, creating business models and the infrastructure behind them.”
Global investors have pulled back from Indian stocks this year, citing a lack of foundational AI models or advanced chip manufacturers that have driven technology stocks higher in most markets. However, Brookfield takes a different view, focusing on the infrastructure required to support AI growth.
Renewable energy and battery storage
Saini noted that an AI data centre requiring one gigawatt of power may need seven to nine gigawatts of installed renewable capacity to ensure a smooth supply. “There lies the opportunity for players like us,” said Saini, who also heads Brookfield’s energy business in South Asia and the Middle East.
Brookfield is the largest foreign investor in renewable energy in India and one of the biggest commercial real estate landlords. The firm expects to deploy significant capital into battery storage, as AI data centres require continuous, around-the-clock electricity. Demand for battery storage in India is expected to reach 336.7 gigawatt hours by 2035, about 115 times current installations, according to Bloomberg New Energy Finance.
“Energy storage, complementing renewable energy by stabilizing the grid and distributing renewable power across the day is a big ask from customers,” Saini said in an interview from Mumbai.
Brookfield's AI fund and investments
Last November, Brookfield launched a fund aiming to invest US$100 billion in AI assets across every stage of the value chain, from energy and land to data centres and computing capability. In India, Brookfield has investments in renewable firms including Clean Max Enviro Energy Solutions Ltd., Evren Technologies Inc., Avaada Energy Pvt, and Leap Green Energy Pvt.
Clean Max currently derives about 42 per cent of its revenue from supplying green power to AI customers and data centres, recently signing agreements with Meta Platforms Inc. and Iron Mountain Inc.
Beyond the grid: green ammonia
Brookfield is also looking beyond the grid to green ammonia, a fertilizer. The conflict in the Middle East has disrupted global supply chains, exposing India’s vulnerability to imported natural gas and urea. Saini said the recent revival in domestic green ammonia contracts is providing a major boost to the sector. Green ammonia would reduce India’s fertilizer import bill by replacing urea, while also positioning the country to eventually export green molecules.
Brookfield’s India renewable energy portfolio includes more than 45 gigawatts of operating and planned assets.
