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State-owned NBFC REC Ltd approved INR 7,500 crore in funding for a 1.04 GW hybrid solar-wind project in the Kurnool district of Andhra Pradesh, being developed by Evren, a joint venture in which Brookfield Asset Management holds a 51.49 % stake. The total investment in the project is estimated at INR 9,910 crore. Evren has already mapped over 3 GW of projects in the state. This transaction marks the largest private-sector sanction ever by REC Ltd. This move reflects both Brookfield's growing footprint in India's renewables and Andhra Pradesh's push for large-scale hybrid energy capacity.
State-owned NBFC REC Ltd has approved funding of INR 7,500 crore for a renewable-energy project in Andhra Pradesh developed by the Brookfield-backed platform Evren. The project is a hybrid solar and wind asset of 1.04 gigawatts in the Kurnool district and involves a total investment of INR 9,910 crore. REC's funding covers the bulk of that amount. Advertisement
Evren, the clean-energy platform, is jointly launched by Brookfield Asset Management and Axis Energy, with Brookfield owning 51.49 % of the platform. It has already lined up over 3 GW of renewable capacity in Andhra Pradesh, spanning projects in and around Kurnool.
Industry analysts note that this sanction by REC is the single-largest ever for a private-sector project in its books.
Andhra Pradesh has in recent years been positioning itself as an attractive state for large-scale renewable energy, particularly hybrid solar-wind projects that can offer better utilisation and grid stability. The state's prior efforts include multiple ultra-mega solar parks and partnerships with global investors. By aligning with a platform like Evren through Brookfield, the state may further its capacity targets. For Brookfield, this project reflects its global renewable portfolio which stands at tens of gigawatts and is aimed at significantly scaling in India.
The Kurnool project will integrate both solar and wind generation elements as well as associated transmission and infrastructure investment. With the funding firmed up through REC, contract award and execution planning can move ahead more confidently. The backing also sends a signal to other financial institutions and investors that large private-sector renewable projects in India are viable and bankable. Given Evren's broader pipeline in the state, the current sanction sets a precedent for future rounds of deployment.
The broader context is that Brookfield's platform had earlier flagged a commitment to invest significantly in Andhra Pradesh's renewables sector, targeting multiple gigawatts of capacity across solar and wind. With the current sanction, the platform is translating those commitments into action.
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