Evren Raises USD 600 Million for 1 GW Hybrid Renewable Project in India

Evren, a renewable energy platform launched by Brookfield Asset Management in partnership with Axis Energy, has secured approximately USD ~600 million in financing for its firm and dispatchable renewable energy (FDRE) hybrid project spanning Andhra Pradesh and Rajasthan.

The project, with an installed capacity of around 1 GW, combines solar and wind generation with battery energy storage to deliver reliable, on-demand renewable power. A consortium of global lenders, including Sumitomo Mitsui Banking Corporation, Standard Chartered, MUFG Bank, DBS Bank, Crédit Agricole CIB, and BNP Paribas, is backing the development, signaling rising international confidence in India’s advanced clean energy infrastructure.

The project is anchored by a long-term power purchase agreement with NTPC Limited and will supply renewable power for a contracted capacity of 300 MW.

Scheduled for commissioning in 2027, the hybrid facility is expected to generate roughly 2,400 GWh of electricity annually and offset more than 1.5 million tonnes of carbon dioxide emissions each year. It aligns with India’s broader ambition of achieving 500 GW of non-fossil fuel capacity by 2030.

Suman Kumar, CEO of Evren, highlighted the strategic importance of the project, noting that the integrated solar, wind, and battery storage platform will deliver dispatchable clean energy while strengthening grid reliability.

Evren’s approach reflects a broader shift toward hybrid renewable systems that can provide consistent, schedulable power, positioning them as a viable alternative to conventional thermal generation. The model enhances grid stability, improves energy security, and supports India’s long-term net-zero transition.