Global lenders to back Brookfield’s 1.04 GW project with $600 mn

A consortium of global lenders including Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, Mitsubishi UFJ Financial Group, DBS, BNP Paribas and Crédit Agricole CIB is set to provide about $600 million in credit financing for Brookfield’s hybrid renewable energy project in Andhra Pradesh and Rajasthan, people familiar with the development said.

The project was developed under Evren, a joint venture clean energy platform in India between Brookfield and Axis Energy. The capacity comprises 640 MW of wind and 400 MW of solar power, along with battery energy storage, forming a 1.04 GW hybrid project with an estimated investment of about $1.12 billion.

Evren last year signed a power purchase agreement (PPA) with NTPC Ltd to supply 300 MW of electricity. Under this agreement for firm and dispatchable renewable energy (FDRE), it will integrate solar, wind and battery storage to enable reliable power supply during peak demand hours. The PPA will also support distribution utilities in meeting their renewable purchase obligations as well as energy storage mandates.

Evren focuses on wind, solar and battery storage solutions and has a portfolio exceeding 11 GW, including about 7 GW of solar and wind projects in mid- and late-stage development.

In November, REC Ltd, a state-owned non-banking finance company, sanctioned $846 million (₹7,500 crore) for the 1.04 W project, marking its largest-ever funding approval for a private sector initiative.

Brookfield, Standard Chartered and BNP Paribas spokespersons declined to comment. Emails sent to Sumitomo Mitsui, Mitsubishi UFJ, DBS and Crédit Agricole CIB did not elicit any responses till press time Sunday.

In India, Brookfield has invested more than $4 billion in energy, with a portfolio of around 45 GW of wind and solar assets in operation and under development across multiple platforms.

Besides Evren, Brookfield operates CleanMax, which caters to commercial and industrial (C&I) consumers with rooftop, open-access and hybrid renewable solutions in India.

In India, Brookfield has also backed Avaada Group for its expansion into green hydrogen and green ammonia ventures with a $1 billion funding. It owns Leap Green Energy, which provides C&I wind solutions.

The New York-based investor has agreed to invest $12 billion in green energy projects in Andhra Pradesh over the next three years, including a clean energy-powered 3 GW data centre.

Separately, Brookfield Asset Management plans to divest its 550 MW solar power project in Rajasthan’s Bikaner, which supplies electricity to C&I consumers, at an expected enterprise value of about ₹3,000 crore, ET reported last week.

India’s non-fossil fuel-based installed capacity continued to rise in early 2026, increasing from over 271 GW to about 283 GW between January and March, crossing 52% of the country’s total installed power capacity.

According to a study by the Council on Energy, Environment and Water, India could attract cumulative green investments worth $4.1 trillion and generate around 4.8 crore full-time equivalent jobs by 2047. The study also estimates that the country could unlock an annual green market opportunity of nearly $1.1 trillion by the same year.

Projections by the Central Electricity Authority indicate that India’s non-fossil fuel capacity could reach 786 GW by 2035-36, accounting for roughly 70% of the total installed capacity.