Brookfield Backed Evren Secures 600 Million Dollars for 1 GW Hybrid Renewable Energy Project to Power NTPC

HYDERABAD: Evren, the renewable energy platform established as a joint venture between Brookfield and Axis Energy, has reached a major financial milestone by securing approximately $600 million in funding. This capital injection is earmarked for the development of a massive 1 GW Firm and Dispatchable Renewable Energy (FDRE) hybrid project, set to be established across the states of Andhra Pradesh and Rajasthan.

A New Benchmark in Dispatchable Clean Energy:
This initiative stands out as one of India’s first large-scale, fully integrated FDRE project financings. Unlike traditional renewable setups, this project combines solar and wind power with a sophisticated Battery Energy Storage System (BESS).

By leveraging advanced analytics and optimized capacity design, the project ensures energy security. This integrated model allows renewable sources to compete directly with conventional thermal power by providing a steady, on-demand supply of clean electricity to the national grid.

Strategic Partnership with NTPC:
The project is fortified by a long-term Power Purchase Agreement (PPA) with the National Thermal Power Corporation (NTPC), a premier state-owned enterprise under the Ministry of Power. Per the agreement, Evren will provide a contracted capacity of 300 MW of renewable power, significantly bolstering India’s energy infrastructure.

Environmental Impact and National Goals:
With commissioning scheduled for 2027, the 1 GW hybrid project is projected to:

• Generate roughly 2,400 GWh of clean electricity every year.
• Displace over 1.5 million tonnes of CO₂ emissions annually.
• Support India’s mission to reach 500 GW of non-fossil fuel capacity by 2030.

“The FDRE project delivers dispatchable clean energy through an integrated solar, wind, and battery storage platform, supporting grid reliability at scale,” said Suman Kumar, CEO of Evren, expressing gratitude for the global lender support.

Global Financial Backing:
The financing was secured through a powerhouse consortium of international financial institutions, including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas. This level of investment highlights the growing global confidence in India’s next-generation green energy frameworks.

Advisory and Legal Expertise:
The transaction was supported by a team of top-tier advisors:

Legal Counsel: Herbert Smith Freehills (Lenders’ English Law), Cyril Amarchand Mangaldas (Lenders’ Indian Law), and JSA Advocates & Solicitors (Borrower’s Legal Adviser).

Technical & Market Advice: Tractebel (Technical), Aurora Energy Research (Market), and Alliance Insurance Brokers (Insurance).

This project marks a pivotal shift in India’s energy landscape, aligning funding availability with the urgent need for reliable, round-the-clock renewable power.