REC sanctions Rs 7,500 crore for Brookfield’s hybrid project

REC Limited has approved Rs 7,500 crore in financing for a 1.04 GW hybrid renewable energy project being developed by Brookfield Asset Management in Kurnool, Andhra Pradesh. This marks the largest single funding sanction by REC for a private sector project.

The project, undertaken through Evren, a clean energy platform formed by Brookfield and Axis Energy, will have 640 MW of wind and 400 MW of solar capacity, with a total investment of Rs 9,910 crore. It has been classified as a Firm and Dispatchable Renewable Energy (FDRE) project with state grid connectivity and a power purchase agreement (PPA) in place.

The Kurnool project represents the first phase of Evren’s broader development plan, which targets over 3 GW of renewable capacity across the Kurnool and Anantapur districts. Nationwide, Evren’s pipeline includes approximately 11 GW of projects.

Brookfield, which manages over $1 trillion in global assets, holds a 51.49% stake in the Evren platform.