VIJAYAWADA: The Rural Electrification Corporation (REC) Ltd., a Maharatna non-banking finance company, has sanctioned Rs 7,500 crore for Brookfield’s 1,040 MW hybrid renewable energy project in Kurnool district — its largest-ever funding to a private sector venture.
Developed by Evren, a joint venture between Brookfield (51.49%) and Axis Energy, the Rs 9,910 crore project integrates 640 MW of wind and 400 MW of solar power with battery storage. It is India’s first Firm and Dispatchable Renewable Energy (FDRE) project with state-level grid connectivity and a dedicated Power Purchase Agreement.
The initiative aligns with Andhra Pradesh’s Integrated Clean Energy Policy, launched in October 2024 by Chief Minister Nara Chandrababu Naidu, which promotes single-window clearances and incentives for green investments.
REC said the sanction underscores its commitment to India’s energy transition and confidence in Brookfield.
The Kurnool project marks the first phase of Evren’s 3 GW pipeline across Kurnool and Anantapur districts, part of Brookfield’s 8,000 MW and `50,000 crore investment pledge in Andhra Pradesh.
HRD & IT Minister Nara Lokesh said Andhra Pradesh is emerging as India’s renewable hub, adding that the project would boost employment, attract global investors, and strengthen the State’s energy security.