Evren To Invest $5 Billion In AP's Clean Energy Sector

Evren, a clean energy platform promoted by Brookfield and Axis Energy, has announced a substantial $5 billion investment in Andhra Pradesh. The commitment was formalised during a meeting between Evren executives and Andhra Pradesh Chief Minister N Chandrababu Naidu. 

Energy Minister Gottipati Ravi Kumar, who was present at the meeting, highlighted the state’s investor-friendly policies, which were designed to promote transparency and facilitate ease of doing business. He emphasised that Andhra Pradesh is committed to creating a favourable environment for investment, particularly in the energy sector. 

Minister Ravi Kumar noted that Andhra Pradesh offers significant opportunities for new ventures, job creation, and sustainable development. The state is well-positioned to become a leader in renewable energy production thanks to its abundant solar and wind energy resources. He also outlined the government's ongoing initiatives, including the establishment of solar parks, rooftop solar systems, and pumped hydro storage projects. 

Evren’s investment plan includes the development of 3,500 MW of solar and 5,500 MW of wind assets in the state, with 3,000 MW of projects already under construction and scheduled for completion by the end of 2026. Beyond renewable energy, Evren is exploring additional opportunities in integrated module manufacturing, pumped storage, battery storage, e-mobility, and green ammonia production. 

Brookfield, a global leader in investment management, manages approximately $1 trillion in assets and employs over 240,000 people worldwide. Its renewable energy division, Brookfield Renewables, is dedicated to advancing the global energy transition, with $100 billion in assets committed to renewable power and climate initiatives. Brookfield's operations span five continents and include a diverse portfolio of hydro, wind, solar, distributed energy, storage, and sustainable solutions, with a generating capacity exceeding 33,000 megawatts across more than 7,000 power-generating facilities. 

The company owns a global development pipeline of over 155,000 megawatts across various renewable technologies. The company’s partnership with Axis Energy Ventures India Private Limited, established in 2019, has already led to the successful development of over 1.8 GW of solar and wind assets. A 51:49 joint venture between Brookfield and Axis Energy, the company is committed to advancing clean energy investments in India. 

These investments are expected to significantly contribute to Andhra Pradesh’s economic growth through job creation and tax revenue. Evren’s investment underscores the company’s commitment to enhancing the state’s energy infrastructure and supporting the global energy transition. Andhra Pradesh is poised to become a key destination for clean energy investments under this initiative.