New Delhi:Brookfield Asset Managementis planning to invest $12 billion in Andhra Pradesh’s renewable energy sector over the next three years, said people with knowledge of the matter, in what would be the largest overseas commitment in that sector for India.

The purse could grow as the global investment firm is looking to establish a township, as well as multiple hotels under its Leela brand, they said.

Brookfield, which is eyeing investments across the value chain in the green energy sector, is likely to invest in Indosol’s integrated manufacturing facility and Navayuga’s renewable energy portfolio, besides manufacturing and green hydrogen projects.

The commitment was made at a meeting of Andhra Pradesh IT and electronics ministerNara Lokeshand Brookfield asset management managing partners Nawal Saini, Ankur Gupta and Arpit Agrawal.

It follows a September meeting between Lokesh and Brookfield global president Connor Teskey in London.

Andhra Pradesh has received major investments in the renewable energy sector by the likes of Premier Energies and Renew Power. Apart from renewable energy, Brookfield is planning to invest in other sectors in the state. The investment in the satellite township, planned to be set up north of Vizag, has not been worked out yet, said the people cited.

“The number of Leela hotels has not been finalised,” said one of them. “But in the meeting, the broad contours of this have been agreed upon.”

The investments in the real estate and hospitality sector will be over and above the $12 billion pledged for clean energy. Brookfield aims to expand its India portfolio from $30 billion to $100 billion in various sectors by 2030. The Andhra government is likely to ink a deal with Brookfield at its partnership summit on November 14-15 in Vizag.