Brookfield-Backed Evren Signs 750 MW FDRE PPA with NTPC for Solar-Wind-Storage Project in Andhra Pradesh and Rajasthan
Evren, a renewable energy platform jointly held by Brookfield and Hyderabad-based Axis Energy Group, has signed a 750 MW power purchase agreement with NTPC spanning solar, wind and battery storage assets across Andhra Pradesh and Rajasthan. The company describes it as among the largest renewable energy PPAs by capacity secured in India to date.
Once operational, the project is expected to generate approximately 2.5 billion units of clean power annually and offset around 1.8 million tonnes of carbon dioxide emissions each year. The deal is structured as a Firm and Dispatchable Renewable Energy (FDRE) project, combining wind, solar and battery storage into a single contracted supply designed to deliver power through peak demand windows rather than intermittently.
The agreement builds on an earlier 300 MW tranche of the same Kurnool-based hybrid project, for which Evren had secured about $600 million in financing from a syndicate of global lenders including SMBC, Standard Chartered, MUFG, DBS, Crédit Agricole CIB and BNP Paribas. The project has also received a ₹7,500 crore sanction from state-owned lender REC, reported to be REC's largest-ever funding commitment to a private renewable energy project.
NTPC's tariff for the project's first tranche was fixed at ₹4.65 per unit, a premium over standalone solar auction tariffs that reflects the value of guaranteed, round-the-clock delivery. Evren now holds an 11 GW renewable energy pipeline in India, with 3.5 GW currently under construction across solar, wind and storage assets.