Big news for India’s renewable energy ambitions! Brookfield Asset Management’s renewable platform Evren signs MoU with NTPC for a Power Purchase Agreement (PPA). This will enable the development of a 300 MW Firm and Dispatchable Renewable Energy (FDRE) project, backed by nearly 1 GW of installed renewable capacity, comprising wind, solar and battery energy storage systems (BESS).
A New Way of Renewable Procurement
This is not just another addition to India’s clean energy portfolio. It’s a game changer in how renewable power will be integrated into the grid. This hybrid plant will provide firm and dispatchable power and addresses the intermittency challenge of traditional renewables like wind and solar.
What’s unique about this project is its focus on reliability and grid stability. The battery storage component will allow the project to dispatch power during peak hours, so the supply matches real time demand — a critical capability in India’s fast changing and consumption heavy power landscape.
Evren and NTPC Deal – Scope and Scale
While the PPA is centered on 300 MW of firm power, the supporting infrastructure will comprise nearly 1 GW of renewable capacity. This scale-up is necessary to ensure the firm delivery obligation is met even during unfavorable weather conditions or off-peak solar/wind periods. This makes the project one of India’s most ambitious FDRE initiatives to date.
According to official statements, the project will significantly aid power distribution companies (DISCOMs) in meeting their Renewable Purchase Obligations (RPOs) as well as their energy storage mandates — both critical to India’s 2030 climate goals.
Strategic Insights: Evren’s Broader Vision
This project is the latest in a series of bold moves by Evren, which was launched by Brookfield in partnership with Axis Energy. The platform boasts a burgeoning portfolio of over 11 GW, including 7 GW of mid-to-late stage projects across India. Evren is focused on enabling scalable decarbonization solutions, and this NTPC deal marks a decisive step in that direction.
Suman Kumar, CEO of Evren, commented: “The FDRE tender marks a great milestone for Evren. We are proactively investing in a large pipeline of high-quality resources, comprising interconnect approvals and data-mapped land. This enables us to provide decarbonization solutions at scale. We are firmly placed to contribute to India’s renewable energy transition.”
This statement underlines the platform’s readiness to act as a key enabler in India’s clean energy future, leveraging both strategic land acquisition and regulatory foresight.
NTPC’s Role: From Thermal Giant to Green Leader
Evren-NTPC agreement further cements NTPC’s evolving identity — from a state-owned thermal power behemoth to a pivotal driver of India’s energy transition. NTPC has been aggressively expanding its renewable footprint, aligning itself with national objectives to achieve 500 GW of non-fossil capacity by 2030.
By partnering with private platforms like Evren, NTPC not only accelerates its green portfolio but also diversifies its procurement through dispatchable renewable formats — the future of green grid support in a high-demand economy.
Industry Implications
This deal has several implications for India’s broader energy sector:
- Technological Integration: The inclusion of battery storage as a central component reflects a growing consensus on hybridization as the solution to renewable variability.
- Regulatory Momentum: The project aligns with evolving regulatory frameworks that incentivize dispatchable green energy, hinting at a policy shift towards “green baseload” models.
- Investor Confidence: With Brookfield’s backing and NTPC’s involvement, the deal sends a strong signal to both domestic and global investors about the commercial viability of FDRE models in India.
Final Word
In summary, the Evren-NTPC agreement represents more than a transaction—it is a strategic realignment of India’s clean energy narrative. As stakeholders increasingly demand reliability alongside sustainability, firm and dispatchable renewable energy is no longer a futuristic concept — it is today’s imperative.
And with this deal, Evren is not just participating in India’s renewable energy revolution — it is helping define its next chapter. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.