Alterra part of $100m buy-in for Indian renewable energy company

Alterra, the UAE’s $30 billion climate fund, has partnered with investors including Canada-based investment company Brookfield Asset Management, to co-invest $100 million in Indian renewable energy company Evren. 

The investment aims to bolster Alterra’s clean energy portfolio and accelerate India’s push toward 500 gigawatts (GW) of installed renewable capacity by 2030, it said in a statement.

The investment is made through the Alterra Acceleration Fund that will support the development and construction of up to 11 GW of solar, wind and battery storage projects in the Indian provinces of Rajasthan and Andhra Pradesh.

It is Abu Dhabi-based Alterra’s first direct investment in the global south, the statement said.

“As a key contributor to India’s renewable energy expansion, Evren plays a key role in meeting the national targets while strengthening its local clean energy ecosystem,” it added.

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“By deploying capital into India’s fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities,” Majid Al Suwaidi, CEO of Alterra said.

Alterra was announced during the UN climate summit in late 2023 and has its headquarters at Abu Dhabi Global Market free zone. The fund aims to catalyse the investment of $250 billion of private capital by 2030, Al Suwaidi said in February 2024.

While the Middle East has seen a surge in sustainable finance initiatives, such as Alterra, investors are struggling to find commercially viable energy projects to invest in. This is particularly the case in developing nations, industry experts told AGBI earlier this year.