Brookfield Asset Management and GLP, an Asian provider of logistics solutions, have formed a 50:50 joint venture to develop solar projects on logistics and commercial rooftops in China. The initiative intends to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1 gigawatt development pipeline, equivalent to the annual power consumption of about 750,000 households. Bruce Flatt, CEO of Brookfield, said the partnership represents an “attractive opportunity” for the Toronto-based alternative asset manager to expand its footprint in China’s growing renewables market.
Brookfield and GLP Establish Partnership to Pursue Rooftop Solar Opportunities in China
GLP and Brookfield establish 50:50 joint venture to develop and operate rooftop solar projects on logistics and commercial rooftops in China
Partnership intends to become the largest rooftop solar power provider in China
Expected to develop and operate capacity of 300 megawatts over the next three years, with a broader 1 gigawatt development pipeline – equivalent to the annual consumption of approximately 750,000 households
SHANGHAI, China and NEW YORK, March 21, 2018 (GLOBE NEWSWIRE) — GLP, the leading global provider of modern logistics and industrial facilities and technology-led solutions, and Brookfield Asset Management (TSX:BAM.A) (NYSE:BAM) (Euronext:BAMA), a leading global alternative asset manager, today announced the formation of a 50:50 joint venture dedicated to building a leading platform for distributed solar energy on logistics and commercial rooftops in China.
The joint venture, by affiliates of GLP and Brookfield, intends to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1 gigawatt development pipeline, which is equivalent to the annual power consumption of approximately 750,000 households.
The partnership will leverage GLP’s growing footprint of approximately 33 million square meters of logistics facilities in China and Brookfield’s extensive expertise as a leading global owner, operator and developer of renewable power assets. The partners expect to pursue development opportunities on third party-owned rooftops in the country, and may expand into other areas of co-operation in the future.
Ming Mei, Co-Founder and CEO of GLP, said: “This new partnership with Brookfield will allow us to leverage each other’s strengths to further capitalize on GLP’s high-quality assets. Investing in infrastructure beyond GLP’s logistics platform is part of our strategy to develop an ecosystem that harnesses technology to deliver better outcomes for our customers and communities.”
“This partnership represents an attractive opportunity to expand our footprint in China’s rapidly growing renewables market, with a strong local partner in GLP,” said Bruce Flatt, CEO of Brookfield Asset Management.
Stewart Upson, CEO of Brookfield Asset Management Asia Pacific, said, “We look forward to working closely with GLP and leveraging our experienced local operating team and significant renewables development expertise to establish a leading rooftop solar platform in China.”
GLP is a leader in building environmentally-friendly logistics facilities globally. In Japan, GLP is one of the largest solar power providers from rooftop panels on logistics facilities. In addition, GLP buildings across China, Japan, the US, Europe and Brazil have achieved LEED certification, including four LEED Platinum certifications, the highest possible rating.
Brookfield, a leading global alternative asset manager, operates one of the largest, public pure-play renewable businesses globally. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia and totals more than 16,000 megawatts of installed capacity. Brookfield also has an extensive history of developing renewable power projects globally. Through this partnership, Brookfield is well positioned to advance the significant backlog of projects and to expand its existing capabilities in distributed rooftop solar generation.
About GLP (www.glprop.com)
GLP is the leading global provider of logistics solutions. Through its network of strategically-located properties and ecosystem partners, GLP is able to offer both space and technology-led solutions to drive value for its customers. GLP is one of the world’s largest real estate fund managers, with over US$46 billion of assets under management and a global portfolio of 62 million square meters (667 million square feet) spread across eight countries globally.
Please note that the Company’s name has changed to GLP effective January 2018.
About Brookfield Asset Management
Brookfield Asset Management Inc. is a leading global alternative asset manager with approximately US$285 billion in assets under management. The company has more than a 100 year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Through its affiliate, Brookfield Renewable Partners, Brookfield operates one of the world’s largest publicly traded, pure-play renewable power platforms.
For further information, please contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Brookfield Asset Management
Vice President, Media and Communications
Vice President, Investor Relations – Brookfield Renewable Partners
Photo courtesy of Reuters/Stringer