Evren Announces USD 5 Bn Clean Energy Investment In Andhra Pradesh
Date
8/22/2024 2:24:02 PM
(MENAFN- KNN India)
Amaravati, Aug 22 (KNN) In a significant development for Andhra Pradesh's renewable energy sector, Evren, a clean energy platform backed by Brookfield and Axis Energy, has pledged to invest USD 5 billion in the state.
The commitment was made during a late-night meeting on Tuesday with Chief Minister N. Chandrababu Naidu and Energy Minister Gottipati Ravi Kumar.
According to an official statement, Evren is set to develop a total of 9,000 MW of renewable energy capacity in the state, comprising 3,500 MW of solar and 5,500 MW of wind assets. The company reports that 3,000 MW of these projects are already underway.
The investment plan encompasses several key areas of the clean energy sector, including integrated module manufacturing, pumped storage, battery storage, e-mobility/electric vehicle technology, and green ammonia production.
Evren is a joint venture between Brookfield and Axis Energy Ventures India Private Limited, with a 51:49 ownership structure respectively.
The partnership, formed in 2019, combines Brookfield's global expertise with Axis Energy's decade-long experience in renewable energy project implementation in India.
To date, the collaboration has successfully developed over 1.80 GW of solar and wind assets.
The meeting was attended by high-level executives from both companies, including Brookfield Managing Directors Nawal Saini and Murzash Manekshana, Evren Chairman Ravi Kumar Reddy, CEO Suman Kumar, Axis CEO Sri Murali, and senior vice-president D.V.V. Satya Prasad.
This substantial investment is expected to significantly boost Andhra Pradesh's renewable energy capacity and contribute to India's broader clean energy goals.
(KNN Bureau)
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