Brookfield proposes massive investment in renewable energy sector in Andhra – EQ
In Short : Brookfield has proposed a significant investment in Andhra Pradesh’s renewable energy sector. This move is expected to boost the state’s green energy initiatives, potentially leading to increased capacity and infrastructure development. Brookfield’s investment reflects growing confidence in the region’s potential for renewable energy expansion.
In Detail : Brookfield, a global owner and operator of real assets, has proposed to invest over ₹50,000 crore in Andhra Pradesh in the next three to five years in renewable energy, focusing on wind and solar formats.
A delegation from the Canadian company and its Indian partners met Andhra Pradesh Chief Minister N Chandrababu Naidu and Energy Minister G Ravi Kumar on Tuesday in Amaravati and proposed to build renewable energy projects.
“Evren, a Brookfield and Axis Energy promoted clean energy platform has committed to invest in the state of Andhra Pradesh during a late night meeting on Tuesday with Chief Minister Nara Chandrababu Naidu and Energy Minister G Ravi Kumar,” said a press release from the Energy Minister’s office on Wednesday.
In a post on micro-blogging site X, the CM noted that the Canadian company, Brookfield, which manages global assets worth $1 trillion expressed keen interest in the southern state’s renewable sector.
“Met with Managing Director of Brookfield’s renewable power and transition group, Nawal Saini today (Tuesday). A leading investor in green initiatives, Brookfield has expressed a keen interest in investing in our state’s renewable energy sector, particularly in solar, wind, and rooftop energy,” said Naidu.
K Ravi Kumar Reddy, chairman of Evren, a joint venture between Brookfield and Axis Energy Group, told PTI that the platform looks to invest over ₹50,000 crore in the next three to five years in the southern state.
Evren aims to install 1,380 MW of solar power capacity and 1,640 MW of wind power capacity by 2026, Reddy said. It already operates 210 MW of wind power assets in Andhra Pradesh. Further, he said that the joint venture envisages adding 828 MW of solar power capacity and 204 MW of wind power capacity in 2027.
It also plans to install 1,311 MW of solar power capacity and 3,300 MW of wind power capacity beyond 2027 with the ambition to achieve 8,873 MW of joint solar and wind capacities in total.
“These projects will mostly come up in the Rayalaseema region. We have to procure land for wind energy projects. We are very committed,” Reddy said, adding that Kurnool and Anantapur could feature in the larger scheme of things.
Further, Reddy pointed out that the company has already harvested four years worth of wind data to assess the viability and intensity of wind energy to generate renewable power in the southern state.
Evren is a brand of ABC Clean Tech Company, which is 51 per cent owned by Brookfield and 49 per cent by Axis Energy Group. The Evren chairman said the company is keen to speed up these investments and every MW can create one job.
Besides wind and solar projects, the Energy Minister noted that Evren is also exploring investment plans across integrated module manufacturing, pumped storage, battery storage, e-mobility, electric vehicles and green ammonia.
In India, Brookfield manages assets worth $26 billion, spread across infrastructure ($12 billion), real estate ($9 billion), renewable power & transition ($3 billion) and private equity & Brookfield Special Investments ($3 billion).
Tracing its origin to a privately owned utility company founded in 1899 in Sao Paulo, Brazil, the Toronto-headquartered global investment firm employs more than 20,000 people in India and around 2.4 lakh people globally.
