REC to fund ₹7,500 crore for Brookfield’s landmark RE project in AP

In a major boost to Andhra Pradesh’s clean-energy ambitions, the Rural Electrification Corporation (REC) has sanctioned a record ₹7,500-crore funding for Brookfield’s 1,040 MW hybrid renewable-energy project in Kurnool, comprising 640 MW of wind and 400 MW of solar capacity.

The total project cost is estimated at ₹9,910 crore. It is significant as this represents the single largest REC sanction ever extended to a private-sector project.

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

This major milestone follows Minister Nara Lokesh’s meeting with Brookfield Global President Connor Teskey in London in September, where both sides explored opportunities for deeper collaboration across renewable energy, AI-ready data centers, and green infrastructure.

Brookfield is one of the world’s largest alternative investment managers, with over US $1 trillion in assets under management and a leadership position in renewable power.

The company has around 46 GW of installed capacity and a development pipeline of nearly 200 GW globally. Its India portfolio spans renewable energy, infrastructure, data centers, and real estate, and the Andhra Pradesh program represents a cornerstone of Brookfield’s expanding green footprint in Asia.

According to industry experts, the REC-funded project is the first in the country to combine State-level grid connectivity with a firm and dispatchable renewable power purchase agreement (PPA) under the Firm and Dispatchable Renewable Energy (FDRE) framework.

The hybrid wind-solar structure, coupled with battery storage, will ensure continuous power supply and enhance grid reliability.

Speaking on the development, HRD, IT, Electronics and RTGS Minister Nara Lokesh said,

“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.”

With this sanction, Andhra Pradesh continues to reinforce its reputation as the Sunrise State of India, where global investors choose to grow - because those who choose speed, choose AP.