Evren, a renewable energy platform launched by Brookfield in India through a joint venture with Axis Energy, has secured approximately $600 million in financing for the development of its Firm and Dispatchable Renewable Energy (FDRE) hybrid project in Andhra Pradesh and Rajasthan.
The project, with an installed capacity of around 1 GW, is among the first large-scale, fully integrated FDRE project financings in India. It combines solar and wind power generation with a battery energy storage system (BESS) to deliver reliable, on-demand renewable energy.
A consortium of global financial institutions—including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas—are acting as lenders, underscoring growing international confidence in India’s next-generation energy infrastructure.
The project is backed by a long-term power purchase agreement (PPA) with NTPC and will supply renewable energy for a contracted capacity of 300 MW.
Scheduled for commissioning in 2027, the FDRE project is expected to generate approximately 2,400 GWh of electricity annually and offset more than 1.5 million tonnes of CO₂ emissions each year. It aligns with India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.
Suman Kumar, CEO of Evren, stated that the project represents a significant step in delivering dispatchable clean energy through an integrated solar, wind, and storage platform, while strengthening grid reliability at scale.
Evren noted that its integrated approach—supported by advanced analytics and optimized capacity design—will enhance grid stability, improve energy security, and enable renewable energy to compete effectively with conventional thermal power, contributing to India’s long-term net-zero ambitions.
The transaction was supported by Herbert Smith Freehills Kramer as lenders’ English law counsel, Cyril Amarchand Mangaldas as lenders’ Indian legal advisers, and JSA Advocates & Solicitors as borrower’s legal adviser. Tractebel acted as technical adviser, Aurora Energy Research as market adviser, and Alliance Insurance Brokers as insurance adviser.
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