Debt

Debt financing

Brookfield secures Rs.7,500-Cr from REC for hybrid power project in Andhra

Business Standard   Evren  

REC Ltd, a state-owned non-banking financial company, has sanctioned INR 7,500 crore in funding for a Brookfield-owned project in Kurnool, Andhra Pradesh. The total investment for this particular hybrid project is INR 9,910 crore.Kurnool, Andhra Pradesh-based Evren , a clean energy platform launched as a joint venture between Brookfield and Axis Energy, is developing a 1.04 gigawatt (GW) hybrid project, consisting of 640 megawatts (MW) of wind and 400 MW of solar power. Brookfield holds a 51.49% stake in Evren. This REC-funded project is described as the first of its kind with state connectivity and a state power purchase agreement (PPA), classified as a Firm and Dispatchable Renewable Energy (FDRE) project.Evren has outlined plans for over 3 GW of projects in Andhra Pradesh, spread across Kurnool and Anantapur, with an estimated investment of around INR 50,000 crore.