Brookfield’s Andhra project gets ₹7,500 cr REC funding

State-owned non-banking financial company (NBFC) REC Ltd has sanctioned ₹7,500-crore funding for a Brookfield-owned project in Andhra Pradesh. Industry experts cite this as the single-largest sanction by REC for a private project.

- SHINE JACOB

Evren, a clean energy platform launched by Brookfield in India as a joint venture with Axis Energy, is developing a hybrid project of 1.04 gigawatt (Gw) at Kurnool in Andhra Pradesh at an investment of 9,910 crore. Of this, REC will be providing ₹7,500 crore.

Brookfield owns 51.49 per cent in Evren, which has lined up over 3 Gw of projects in Andhra Pradesh, spread across Kurnool and Anantapur.

Brookfield is one of the world’s largest investors in renewable power, with about 46 Gw of installed capacity and a development pipeline of around 200 Gw.

“Funding has been sanctioned for the Kurnool project. It is the single-largest sanction by REC for a private project so far,” said a government source aware of the development.