21-04-2025
Evren, a joint venture development platform of Brookfield and Axis Energy, Signs 300 MW PPA with NTPC for Firm & Dispatchable Renewable Energy Project development in Andhra Pradesh
Evren, the joint venture renewable energy platform launched by Brookfield and Hyderabad-based Axis Energy Group, has signed a Power Purchase Agreement (PPA) with NTPC Limited, India's largest integrated power utility. This agreement, signed for a capacity of 300 MW, supports the development of close to 1 GW of renewable energy project including wind, solar and battery energy storage.
The project will comprise of 500 MW of Wind, 330MW of Solar and Battery Energy Storage, ensuring Firm and Dispatchable Renewable Energy (FDRE) to meet peak demand reliably. The energy will be supplied at a tariff of ₹4.65/unit, with 0.7 paise/unit as trading commission for NTPC. The total investment for the project stands at USD 750 million and the project is being developed in the state of Andhra Pradesh.
By leveraging hybrid and storage-based renewable technologies, this project will enable consistent, firm power supply, helping distribution companies to meet their peak hour demand for two hours in the morning and the evening peak respectively at the same time meeting the Renewable Purchase Obligations and manage grid stability effectively.
Murali Surapaneni, Chief Executive Officer of Axis Energy said 'This agreement with NTPC is a proud moment for us. It reflects our continued commitment to delivering innovative clean energy projects that are scalable, sustainable, and aligned with the nation's vision for a green future. With Andhra Pradesh as a strategic base, we are excited to drive forward a project of this scale and complexity, and set new benchmarks in hybrid renewable energy deployment.'
Evren currently holds a diversified portfolio of over 11 GW, including mid and late-stage wind and solar assets across India. This PPA marks a key milestone in the platform's commitment to accelerating India's energy transition through large-scale, integrated renewable solutions.
This collaboration further strengthens Andhra Pradesh's emergence as a key destination for green energy investments and reaffirms Axis Energy's vision of enabling a sustainable and energy-secure future for the nation.
