To supply renewable power for a contracted capacity of 300 MW to NTPC
Evren, a platform launched by Brookfield in India as a joint venture with Axis Energy, announced it has secured approximately $600 million for the development of its Firm and Dispatchable Renewable Energy (“FDRE”) hybrid project in Andhra Pradesh and Rajasthan. This marks one of the first such large-scale, fully integrated FDRE project financings in India. The project, with an installed capacity of approximately 1 GW, integrates solar and wind power generation with a battery energy storage system to deliver reliable, on-demand renewable power. SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas are lenders for the project and reflect the growing confidence of global lenders in India’s next-generation energy infrastructure.
The project benefits from a power purchase agreement (PPA) signed with the National Thermal Power Corporation (NTPC), a government owned company under the Ministry of Power, Government of India. It will supply renewable power for a contracted capacity of 300 MW.
Scheduled for commissioning in 2027, the project is expected to generate approximately 2,400 GWh annually and is projected to displace over 1.5 million tonnes of CO₂ emissions each year. It supports India’s target of 500 GW of non-fossil fuel capacity by 2030.
Suman Kumar, CEO, Evren, said, “We’re pleased to partner with NTPC under this long-term PPA and grateful for the strong support from our global lenders as we progress toward commissioning in 2027. The FDRE project delivers dispatchable clean energy through an integrated solar, wind and battery storage platform, supporting grid reliability at scale.”
Evren, in India, is driving the development of next-generation clean power solutions. This integrated approach strengthens grid stability, enhances energy security, and enables renewable energy to compete effectively with conventional thermal power, while accelerating India’s progress toward its long-term net-zero goals. Advanced analytics and optimized capacity design enable the project to meet offtakers’ demand efficiently and cost-effectively.
The transaction was supported by Herbert Smith Freehills Kramer as lenders’ English law counsel, Cyril Amarchand Mangladas as lenders’ Indian legal advisers, and JSA Advocates & Solicitors as the Borrower’s Legal Adviser. TRACTEBEL acted as Technical adviser, Aurora as market adviser, and Alliance as insurance advisers.
About Evren
Evren is the new development platform launched by Brookfield in India as a joint venture with Axis Energy. Evren has an initial target to build over 7 GW of renewable energy assets in the next 4-5 years in the some of the most resource-rich states in India.
