Hyderabad: Canada-based leading alternative investment management firm Brookfield, backed clean energy platform Evren, has committed to investing $5 billion in Andhra Pradesh in solar and wind projects, said the Andhra Pradesh government.
Brookfield Managing Directors Nawal Saini and Murzash Manekshana met Andhra Chief Minister N Chandrababu Naidu and other energy department officials. The meetings went on till late on Tuesday night.
In a phased manner, Evren has committed to creating 3500 MW of solar and 5500 MW of wind assets in the state also looking beyond renewables.
Andhra Pradesh energy minister Gottipati Ravi Kumar on Wednesday said that the state government has been implementing investor-friendly policies to promote transparency and ease of doing business for investors and the public.
He emphasized 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.
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 end of Calender Year 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 $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 $100 billion in assets committed to renewable power and climate transition initiatives with their operations spanning five continents, encompassing 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.
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 have 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 the 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 Andhra Pradesh’s energy infrastructure and supporting the global energy transition.
It looks at Andhra Pradesh as their key destination for the clean energy investments, said a senior official of Andhra Pradesh government.