Evren secures $600 million to advance hybrid renewable energy platform across Andhra Pradesh and Rajasthan

Evren has raised approximately $600 million to develop a 1 GW hybrid renewable energy project combining solar, wind, and storage, backed by a long-term PPA with NTPC. The initiative highlights growing investment in dispatchable clean power to enhance grid stability in India.

Evren, a joint venture between Brookfield India and Axis Energy, has secured around $600 million in financing to build a firm and dispatchable renewable energy (FDRE) project spanning Andhra Pradesh and Rajasthan, according to official disclosures. The company has also entered into a long-term power purchase agreement with for 300 MW of contracted capacity.

The project, designed with an installed capacity of about 1 GW, integrates solar and wind generation with battery energy storage to deliver consistent, on-demand renewable power. It is scheduled for commissioning in 2027 and is expected to generate roughly 2,400 GWh annually while significantly reducing carbon emissions.

The development reflects a broader shift in India’s energy strategy toward dispatchable renewable solutions that can address intermittency challenges associated with solar and wind power. Hybrid systems with storage are increasingly critical for maintaining grid reliability as renewable penetration rises.

For the power sector, the project signals stronger alignment between developers, financiers, and state utilities to scale advanced clean energy infrastructure. It also underscores rising investor confidence in India’s renewable market, particularly in solutions that combine generation with storage to meet firm power demand. From a market perspective, such large-scale FDRE projects are expected to accelerate technology adoption, influence tariff structures, and create opportunities across equipment manufacturing, grid management, and energy storage supply chains.