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Brookfield-backed renewable platform Evren has secured approximately USD 600 million from a consortium of global lenders to fund a 300 MW firm and dispatchable renewable energy (FDRE) project across Andhra Pradesh and Rajasthan. The project, backed by a power purchase agreement with NTPC, integrates solar, wind and battery storage to deliver stable clean energy supply. Scheduled for commissioning in 2027, it is expected to generate around 2,400 GWh annually and offset over 1.5 million tonnes of CO emissions each year. The funding consortium includes Standard Chartered Bank, MUFG, SMBC, DBS Bank, Crédit Agricole CIB and BNP Paribas, reflecting increasing institutional interest in India’s hybrid renewable infrastructure.
Evren, a Brookfield-backed renewable energy platform, has secured approximately USD 600 million in financing from a consortium of international lenders to develop a 300 MW firm and dispatchable renewable energy (FDRE) project spanning Andhra Pradesh and Rajasthan. The funding was finalised earlier this week and marks a significant capital deployment into hybrid renewable infrastructure in India. Advertisement
The lender consortium includes Standard Chartered Bank, MUFG, SMBC, DBS Bank, Crédit Agricole Corporate and Investment Bank and BNP Paribas. The participation of multiple global financial institutions reflects growing confidence in India’s renewable energy sector, particularly in integrated projects that combine generation with storage capabilities.
Evren operates as a joint venture between Brookfield and Axis Energy, with a 51:49 ownership structure. The platform focuses on developing large-scale renewable energy assets, with an emphasis on hybrid and dispatchable solutions designed to address intermittency challenges associated with solar and wind power.
The project is backed by a power purchase agreement (PPA) with NTPC, under which it will supply renewable power for a contracted capacity of 300 MW. The FDRE model integrates solar and wind generation with battery energy storage systems, enabling the delivery of firm and dispatchable power to the grid, irrespective of fluctuations in generation.
The project is scheduled for commissioning in 2027 and is expected to generate approximately 2,400 gigawatt hours (GWh) of electricity annually. It is also projected to offset more than 1.5 million tonnes of carbon dioxide emissions each year, contributing to India’s decarbonisation targets and renewable energy capacity expansion goals.
Suman Kumar, Chief Executive Officer of Evren, indicated that the project is structured to deliver dispatchable clean energy through an integrated platform combining multiple renewable sources with storage infrastructure. He stated that such projects are designed to enhance grid reliability while supporting large-scale renewable energy deployment.
The financing aligns with a broader trend of increasing investment in hybrid renewable projects, which are gaining traction due to their ability to provide stable and predictable power supply. These projects are being positioned as a key component of India’s transition towards a more resilient and diversified energy mix.
The involvement of NTPC as the offtaker further underscores the role of public sector utilities in supporting renewable energy integration through long-term power purchase agreements. Such arrangements provide revenue visibility and reduce project risk, enabling access to large-scale financing.
The Evren project highlights the evolving structure of renewable energy investments in India, where hybrid models and institutional capital are playing a growing role in scaling capacity while addressing operational and grid-level challenges.
Source - PTI
5th Jun, 2025
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