GLP, the leading global provider of modern logistics and industrial facilities and technology-led solutions, and Brookfield Asset Management, a leading global alternative asset manager, has announced the formation of a 50:50 joint venture.
The joint venture, by affiliates of GLP and Brookfield, intends to install 300 MW of rooftop solar projects over the next three years, with a broader 1 GW 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 33mn 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 cooperation 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.