Evren secures $600 million for 1 GW FDRE hybrid projects
Author: PPD Team Date: April 23, 2026
Evren, a platform launched by Brookfield in India as a joint venture with Axis Energy, has secured approximately $600 million to develop its Firm and Dispatchable Renewable Energy (FDRE) hybrid project in Andhra Pradesh and Rajasthan.
This is among the first large-scale, fully integrated FDRE project financings in India. The project, with an installed capacity of around 1 GW, combines solar and wind generation with a battery energy storage system to supply reliable, on-demand renewable power.
A consortium of lenders including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas is financing the project.
The project is backed by a power purchase agreement (PPA) with National Thermal Power Corporation, 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 about 2,400 GWh annually and displace over 1.5 million tonnes of CO₂ emissions each year. It aligns with India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.
Suman Kumar, Chief Executive Officer (CEO), Evren, said the company is advancing toward commissioning in 2027 under a long-term PPA with NTPC, supported by global lenders. He added that the FDRE project integrates solar, wind, and battery storage to deliver dispatchable clean energy and support grid reliability.
The transaction involved 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.
Evren is a development platform launched by Brookfield in India in partnership with Axis Energy. It targets building over 7 GW of renewable energy assets over the next four to five years across resource-rich states in India.
The featured photograph is for representation only.
