The Government of Andhra Pradesh, via the New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP), has entered into a Memorandum of Understanding (MoU) with ABC Cleantech Pvt Ltd (Evren) and Axis Energy Ventures India Private Limited to invest Rs. 1,10,250 Crores in renewable energy projects throughout the state. Evren is a joint venture formed with a 51% and 49% ownership split between Brookfield Renewables and Axis Energy, respectively. The MoU was signed by Dr. M. Kamalakara Babu, Vice Chairman and Managing Director of NREDCAP, along with 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 Andhra Pradesh’s Hon’ble Chief Minister Shri.
Nara Chandrababu Naidu. This agreement entails Evren developing 6,500 MW of Wind energy, 6,500 MW of Solar energy, 6,500 MWh of Energy Storage, 0.25 MTPA of Green Hydrogen, and 1 MTPA of its derivatives, with a total investment of Rs 1,10,250 Crores. These investments are expected to enhance the state’s renewable energy objectives and contribute to India’s larger decarbonization efforts. The electricity generated from these initiatives will be supplied to Andhra Pradesh’s electricity distribution companies (Discoms) and is also intended to cater to the growing industrial sectors such as data centers, green hydrogen, and green manufacturing being established in the state.