Brookfield Unveils Rs 50,000 Crore Green Investment Plan in Andhra Pradesh
Wednesday, 21 August 2024, 12:36 IST
Brookfield has unveiled an ambitious plan to invest over Rs 50,000 crore in renewable energy projects in Andhra Pradesh, marking a significant commitment in the sector. This potential investment could represent one of the largest overseas investments in renewable energy in India.
Through its Evren platform, Brookfield aims to develop 8.66 gigawatts (GW) of new wind and solar power capacity over the next three to five years. The company’s global renewable assets are valued at $102 billion. Senior Brookfield executives recently met with Andhra Pradesh Chief Minister N. Chandrababu Naidu to discuss the investment. Naidu confirmed the meeting on X, highlighting Brookfield's strong interest in the state's renewable energy sector, including solar, wind, and rooftop energy.
Despite the high profile of the investment, Brookfield has yet to comment publicly on the specifics. The firm, which manages assets worth approximately $1 trillion globally, is also considering investments in advanced technologies such as module manufacturing and pumped storage in Andhra Pradesh.
Brookfield’s plans include adding nearly 1.4 GW of solar capacity by 2026, with additional increments of 828 megawatts (MW) in 2027 and 1.3 GW in subsequent years. For wind energy, the company targets 1.64 GW by 2026, 204 MW in 2027, and 3.3 GW thereafter. Overall, the proposed solar and wind capacity additions will total close to 9 GW.
Andhra Pradesh, recognized for its significant wind energy potential, ranks among the top eight states in India for wind energy with an estimated potential of 74.9 GW at 120 meters and 123 GW at 150 meters above ground level. As of July 31, the state’s installed wind capacity was 4.1 GW, and solar capacity stood at 4.3 GW.
Ravi Kumar Reddy, Chairman of Evren, noted that the state is set to benefit from about 40 GW of new evacuation capacity, which will support the expansion of renewable energy projects.
Through its Evren platform, Brookfield aims to develop 8.66 gigawatts (GW) of new wind and solar power capacity over the next three to five years. The company’s global renewable assets are valued at $102 billion. Senior Brookfield executives recently met with Andhra Pradesh Chief Minister N. Chandrababu Naidu to discuss the investment. Naidu confirmed the meeting on X, highlighting Brookfield's strong interest in the state's renewable energy sector, including solar, wind, and rooftop energy.
Despite the high profile of the investment, Brookfield has yet to comment publicly on the specifics. The firm, which manages assets worth approximately $1 trillion globally, is also considering investments in advanced technologies such as module manufacturing and pumped storage in Andhra Pradesh.
Brookfield’s plans include adding nearly 1.4 GW of solar capacity by 2026, with additional increments of 828 megawatts (MW) in 2027 and 1.3 GW in subsequent years. For wind energy, the company targets 1.64 GW by 2026, 204 MW in 2027, and 3.3 GW thereafter. Overall, the proposed solar and wind capacity additions will total close to 9 GW.
Andhra Pradesh, recognized for its significant wind energy potential, ranks among the top eight states in India for wind energy with an estimated potential of 74.9 GW at 120 meters and 123 GW at 150 meters above ground level. As of July 31, the state’s installed wind capacity was 4.1 GW, and solar capacity stood at 4.3 GW.
Ravi Kumar Reddy, Chairman of Evren, noted that the state is set to benefit from about 40 GW of new evacuation capacity, which will support the expansion of renewable energy projects.
