ALTÉRRA, the world’s largest private climate investment vehicle, has made a landmark investment of $100 million in Indian renewable energy firm Evren. This investment, made through the ALTÉRRA Acceleration Fund, marks the platform’s first direct funding into the Global South and is part of a broader partnership with Brookfield Asset Management and other strategic investors. The funding will accelerate the development and construction of up to 11 GW of solar, wind, and battery storage capacity in the Indian states of Rajasthan and Andhra Pradesh, supporting India’s ambitious 500 GW renewable energy target by 2030.
This investment is significant, as India is facing a surging demand for energy due to its rapid economic growth, with a projected GDP growth rate of 6.5% in 2024. The country requires an estimated $300 billion in investment by 2030 to meet its clean energy targets, making it a key global hub for clean energy investment. The Indian government has implemented favorable regulatory reforms to enhance investor confidence, and progress in energy storage and grid infrastructure upgrades has also contributed to the growing demand for clean energy.
The investment in Evren is a demonstration of ALTÉRRA’s mission to catalyze capital into scalable and economically compelling climate initiatives. ALTÉRRA’s CEO, H.E. Majid Al Suwaidi, stated that the investment is a powerful demonstration of the company’s mission to reshape where and how the world invests in clean energy. Connor Teskey, President of Brookfield Asset Management, added that the co-investment in Evren is a major milestone that aligns with the company’s strategy of deploying smart, high-impact capital.
The investment also reinforces ALTÉRRA’s capability to mobilize institutional capital across both developed and emerging markets. As the largest third-party investor in Brookfield’s Global Transition Fund II, ALTÉRRA has committed $2 billion to the fund, demonstrating its growing ambitions to scale its influence in the clean energy sector. With this initiative, ALTÉRRA continues to position itself as a catalyst for high-impact climate investments, with plans to further expand its influence in 2025.
Overall, the investment in Evren marks a significant milestone in ALTÉRRA’s mission to accelerate the global energy transition and support the development of clean energy infrastructure in emerging markets. The partnership with Brookfield Asset Management and other strategic investors demonstrates the company’s commitment to mobilizing capital and expertise to support the growth of the clean energy sector in India and beyond.