Renewable energy company Evren has secured approximately $600 million from lenders, including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas, to develop a 1 GW hybrid firm and dispatchable renewable energy (FDRE) project in Andhra Pradesh and Rajasthan.

The project will integrate solar and wind power generation with a battery energy storage system.

Evren has signed a power purchase agreement with NTPC to supply 300 MW of renewable power from the FDRE project.

The hybrid project is scheduled for commissioning in 2027 and is expected to generate approximately 2,400 GWh of energy.

Last April, private climate investment vehicle ALTÉRRA announced it would invest $100 million (~₹8.52 billion) in Evren, which would use the funds to develop and construct up to approximately 11 GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh.

Evren is a development platform launched by Brookfield in India as a joint venture with Axis Energy. The company aims to build more than 7 GW of renewable energy assets over the next four to five years.

Brookfield has a global portfolio of approximately 14,200 MW of solar and roughly 17,300 MW of wind energy assets under management.

In October 2025, Envision Energy India signed an agreement with Evren to supply around 152 wind turbine generators of its EN 156/3.3 MW turbine platform, totaling 501.6 MW. Evren will deploy these wind turbines in Andhra Pradesh.

The total global corporate solar funding dropped by 16% year-over-year, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s 2025 Annual and Q4 Solar Funding and M&A Report. Global venture capital and private equity funding in the solar sector totaled $3.5 billion across 75 deals in 2025, 22% lower than the $4.5 billion raised in 60 deals in the previous year. There were eight VC funding deals of at least $100 million in 2025.