Logistics company GLP and asset management firm Brookfield Asset Management’s 50/50 JV plans to develop and operate rooftop PV projects on logistics and commercial facilities.
The firms expect to install 300 MW over the next three years, with a 1 GW development pipeline.
According to the companies, the partnership aims to leverage around 33 million square metres of GLP’s logistics facility rooftops as well as Brookfield’s experience in owning, developing and operating renewable power assets.
Additionally, the partners said they expect to pursue development opportunities on third party-owned rooftops in China.
GLP is one of Japan’s largest solar providers with an installed base of PV systems on logistics facilities. The company said its buildings across China, Japan, the US, Europe and Brazil have achieved LEED certification including four Platinum certifications.
In a statement, Brookfield said the partnership means it is “well positioned to advance the significant backlog of projects and to expand its existing capabilities in distributed rooftop solar generation”.
Ming Mei, GLP’s co-founder and CEO, said the partnership “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,” he added.
Bruce Flatt, Brookfield’s CEO, added: “This partnership represents an attractive opportunity to expand our footprint in China’s rapidly growing renewables market, with a strong local partner in GLP.”
And Stewart Upson, CEO of Brookfield Asia Pacific, said the firm “look[s] 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.”