AP inks Rs.1,10,250-crore pact with ABC Cleantech (Evren), Axis Energy for Investments into RE projects

The Government of Andhra Pradesh through the State Nodal Agency, New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) has signed the MoU with ABC Cleantech Pvt Ltd (Evren) and Axis Energy Ventures India Private Limited, to invest Rs.1,10,250 crore in renewable energy projects across the State.

Evren is a 51%:49 % joint venture company formed between Brookfield Renewables and Axis Energy respectively.

The MoU was signed between Dr. M. Kamalakara Babu, Vice Chairman and Managing Director of NREDCAP and Kataru Ravi Kumar Reddy, Chairman of ABC Cleantech Pvt Ltd (Evren) and S. Sri Murali, Chief Executive Officer of Axis Energy, in the presence of Chief Minister of Andhra Pradesh N. Chandrababu Naidu.

Under this agreement, Evren will develop, 6,500 MW Wind, 6,500 MW Solar, 6,500 MWh Energy Storage and 0.25 MTPA of Green Hydrogen and 1 MTPA of its derivatives with a proposed investment of Rs. 1,10,250 crore.

According to a release, the proposed investments will accelerate the State’s renewable energy ambitions and contributing to India’s broader decarbonization goals. The power produced from these projects will have an arrangement of renewable power provided to Andhra Pradesh’s electricity distribution companies (Discoms) and will also aim to supply power to the rapidly expanding key industrial sectors such as data centers, green hydrogen, and green manufacturing being setup in the State.