Renewable Energy Platform To Invest $5 Billion For Solar PV & Wind Energy Development
Brookfield’s Indian investment Evren will invest $5 billion in solar and wind energy projects in Andhra Pradesh. (Illustrative Photo; Photo Credit: hrui/Shutterstock.com)
Key Takeaways
- Evren will explore the development of 9 GW of renewable energy capacity in Andhra Pradesh
- It comprises 3.5 GW of solar and 5.5 GW of wind energy assets, to be developed in a phased manner
- Rayalaseema is likely to be the preferred location for the development of this portfolio
Evren, the clean energy platform of Axis Energy Group and Brookfield, has revealed plans to build a portfolio of 9 GW of solar and wind energy assets in the Indian state of Andhra Pradesh. To be developed in a phased manner, this capacity will be established in the form of 3.5 GW of solar and 5.5 GW of wind energy assets.
“This marks a new beginning for Evren in the State of Andhra Pradesh and our commitment to advance the clean energy investments in the Country. These projects would contribute to the State’s economic growth through job creation and tax contributions for the State and aligns with the broader vision of Sustainable Development,” stated Axis Energy on LinkedIn.
Headquartered in Mumbai, Evren was launched by the Canadian alternative investment company Brookfield in India to build more than 6 GW of renewable energy assets over the next 2 to 3 years in the most resource-rich states of the country. It entered its 2nd joint venture (JV) partnership with Axis Energy Ventures in September 2023 with the 1st being ABC Renewables (see Brookfield Invests In Indian Renewable Energy Platform).
Evren is slated to install 1.38 GW of solar power and 1.64 GW of wind power capacity in the Indian State by 2026. Additions of 828 MW and 204 MW are targeted in 2027, and 1.311 GW along with 3.3 GW beyond 2027, respectively, according to the state’s Energy Minister G. Ravi Kumar.
According to local media reports, most of these projects are likely to come up in the Rayalaseema region, with Kurnool and Anantapur as the likely contenders.
In July 2024, Brookfield became a controlling shareholder in the Indian renewable energy company Leap Green Energy with an equity investment of $200 million (see Brookfield Makes Another RE Investment In India).
Source from Taiyang News
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