REC sanctions Rs 7,500 crore for Brookfield’s hybrid renewable project

The Rural Electrification Corporation has sanctioned Rs 7,500 crore for Brookfield’s 1,040 MW hybrid renewable energy project in Kurnool, comprising wind and solar capacity. The project, developed by Evren, marks REC’s largest-ever sanction for a private-sector venture

Amaravati: The Rural Electrification Corporation sanctioned Rs 7,500 crore in funding for Brookfield’s hybrid renewable energy project at Kurnool, comprising 640 MW of wind and 400 MW of solar capacity.

The total project cost is estimated at Rs 9,910 crore, marking the single largest REC sanction ever extended to a private-sector project, the TDP said in a statement on Monday. “REC has sanctioned a record Rs 7,500 crore funding for Brookfield’s 1,040 MW hybrid renewable energy project at Kurnool, comprising 640 MW of wind and 400 MW of solar capacity,” the statement said.

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The project is being developed by Evren, a clean-energy platform jointly launched by Brookfield and Axis Energy. Evren has already lined up over 3 GW of renewable power projects across Kurnool and Anantapur, as part of Brookfield’s broader 8,000 MW pipeline in Andhra Pradesh involving a total investment of Rs 50,000 crore.

Reacting to the development, Andhra Pradesh IT Minister Nara Lokesh said the state is fast emerging as a renewable energy hub. “Andhra Pradesh is rapidly emerging as India’s renewable energy hub. We are delighted to partner with global leaders like Brookfield in building the next generation of sustainable infrastructure that creates jobs, drives industrial growth, and strengthens our energy security,” Lokesh said in the statement.