Record-Breaking Sanction for India's Renewable Energy Advancement

The Rural Electrification Corporation has granted Rs 7,500 crore for Brookfield's hybrid renewable energy project in Kurnool. This venture, featuring wind and solar capacities, marks the largest ever REC sanction to a private project. Andhra Pradesh emerges as a significant renewable energy hub.

In a groundbreaking move, the Rural Electrification Corporation (REC) has approved a sanction of Rs 7,500 crore for Brookfield's ambitious hybrid renewable energy project in Kurnool. This project, which integrates 640 MW of wind and 400 MW of solar capacity, signifies the largest REC financial endorsement ever allocated to a private sector initiative.

Evren, a clean-energy platform created through a collaboration between Brookfield and Axis Energy, is spearheading this project. The initiative represents just a fraction of Brookfield's expansive 8,000 MW pipeline in Andhra Pradesh, which involves an impressive total investment of Rs 50,000 crore and includes an array of renewable power projects in Kurnool and Anantapur.

Andhra Pradesh's IT Minister, Nara Lokesh, expressed enthusiasm regarding the state's rapid transformation into a renewable energy hub. 'Partnering with global leaders like Brookfield strengthens our commitment to building sustainable infrastructure, fostering job creation, propelling industrial growth, and enhancing energy security,' Lokesh stated.

(With inputs from agencies.)