Evren, the Indian renewable energy developer backed by asset management giant Brookfield, has secured US$600 million in financing to develop a 1GW hybrid firm and dispatchable renewable energy (FDRE) portfolio across Andhra Pradesh and Rajasthan.
The project will combine solar and wind generation assets with battery energy storage to deliver round-the-clock (RTC) renewable power. Evren has entered into a power purchase agreement (PPA) with state-owned utility NTPC to supply 300MW of firm, dispatchable renewable energy from the facility.
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The hybrid project is slated for commissioning in 2027 and is expected to produce around 2,400GWh of clean electricity annually. The funding was provided by SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas.
In October 2025, Envision Energy India signed an agreement with Evren to supply 152 wind turbine generators with a combined capacity of 501.6MW. The turbines will be deployed across projects in Andhra Pradesh.
Mumbai-based Evren was launched in 2023, under a joint venture between global asset manager Brookfield and renewable energy company Axis Energy. The company is targeting the development of more than 7GW of renewable energy capacity over the next four to five years.
Brookfield currently manages a global portfolio comprising approximately 14.2GW of solar and 17.3GW of wind energy assets under management.
Earlier this year, Axis partnered with Evren to develop up to 5GW of renewable energy capacity in Odisha. The agreement, signed with Grid Corporation of Odisha Limited (GRIDCO), a wholly owned entity of the state government, forms part of a broader INR477.5 billion (US$5.26 billion) investment plan to scale up clean energy deployment in the region.
