Commits US$5 billion green energy investment in Andhra Pradesh

VIJAYWADA: Evren, a Brookfield and Axis Energy-promoted Clean Energy Platform has committed to invest USD 5 billion in Andhra Pradesh. A team of Brookfield and Axis met with Chief Minister N Chandrababu Naidu. 

Speaking on this occasion, Energy Minister Gottipati Ravi Kumar stated that the Andhra Pradesh government is implementing investor-friendly policies to promote transparency and ease of doing business for investors and the public. He emphasised that the government is committed to providing a favourable environment for investment. 

The Minister highlighted that Andhra Pradesh offers ample opportunities for new ventures, job creation, and sustainable development, particularly in the energy sector. He noted that the state is well-positioned for renewable energy production, with abundant solar and wind energy resources. Ravi Kumar also mentioned that the government is already taking steps to establish solar parks, rooftop solar systems, and pumped hydro storage projects.

Evren has committed to create 3500 MW of solar and 5500 MW of wind assets in the state in a phased manner out of which 3000 MW of projects are already grounded in the State and committed to be commissioned by the end of CY 2026. Evren has investment plans beyond renewables and are exploring additional opportunities in the state, across integrated module manufacturing, pumped storage, battery storage, E-mobility/EV and green ammonia space. 

Brookfield is a global leader in investment management, with approximately USD 1 trillion in assets under management and a workforce of over 240,000 employees worldwide. Their renewable energy division, Brookfield Renewables, is dedicated to advancing the global energy transition, with USD 100 billion in assets committed to renewable power and climate transition initiatives with their operations spanning five continents. It encompasses a diverse portfolio of hydro, wind, solar, distributed energy, storage, and sustainable solutions. All of it has a generating capacity exceeding 33,000 megawatts across more than 7,000 power-generating facilities.

Brookfield Renewables has a global development pipeline of over 155,000 megawatts across multiple renewable technologies, spanning 5 continents. 

Brookfield has established a robust partnership with Axis Energy Ventures India Private Limited, a cleantech company with over a decade of expertise in renewable energy project implementation in 2019 and has successfully developed over 1.8 GW of solar and wind assets. Evren is a 51:49% holding company set up between Brookfield and Axis Energy with a commitment to advance clean energy investments in the country.

These investments would go a long way in contributing to the state’s economic growth through job creation and tax contributions. This investment plan underscores Evren’s commitment to advancing the state’s energy infrastructure and supporting the global energy transition. It looks at Andhra Pradesh as its key destination for clean energy investments. 

Brookfield Managing Directors Nawal Saini and Murzash Manekshana, along with Evren Chairman Ravi Kumar Reddy, CEO Suman Kumar, Axis CEO Sri Murali, and Senior Vice President DVV Satya Prasad, attended the meeting with Chandrababu Naidu and Ravi Kumar.