The Rural Electrification Corporation (REC) Ltd, a Maharatna non-banking finance company, has sanctioned Rs 75 billion for Brookfield’s 1,040 MW hybrid renewable energy project in Kurnool district — its largest-ever funding to a private-sector venture.

Developed by Evren, a joint venture between Brookfield (51.49 per cent) and Axis Energy, the Rs 99.1 billion project integrates 640 MW of wind and 400 MW of solar power with battery storage. It is India’s first Firm and Dispatchable Renewable Energy (FDRE) project featuring state-level grid connectivity and a dedicated power purchase agreement.

The initiative aligns with Andhra Pradesh’s Integrated Clean Energy Policy, launched in October 2024 by Chief Minister Nara Chandrababu Naidu, which promotes single-window clearances and incentives for green investment.

REC said the sanction reinforces its commitment to India’s energy transition and highlights its confidence in Brookfield’s renewable portfolio.

The Kurnool project marks the first phase of Evren’s 3 GW pipeline across Kurnool and Anantapur districts, part of Brookfield’s 8,000 MW and Rs 50,000 crore investment pledge in Andhra Pradesh.