UAE-backed ALTERRA, Brookfield invest $100 mn in Evren | Mint

New Delhi: Climate-focused investment fund ALTERRA have infused $100 million into Mumbai-based renewable energy platform Evren.

A statement from Abu Dhabi-based ALTERRA, the world’s largest private investment vehicle for climate finance with total investments so far of over $6.5 billion, said the investment will support the development and construction of up to 11 GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh. 

ALTERRA has made the investment through the ALTÉRRA Acceleration Fund, and it is the company’s first direct investment into the Global South.

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Majid Al Suwaidi, chief executive officer of ALTÉRRA, said in the statement: “ALTÉRRA’s investment in Evren is a powerful demonstration of our mission in action—catalyzing capital into tangible, scalable, and economically compelling climate initiatives. By deploying capital into India’s fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities.”

Launched at the 28th Conference of the Parties (COP28) in the UAE, with a $30-billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize $250 billion globally by 2030 to finance the new climate economy and accelerate climate transition.

Connor Teskey, president of Brookfield Asset Management said in a statement: “By combining Evren’s robust development pipeline and Brookfield’s extensive operational expertise, we are not only supporting India’s ambitious renewable energy targets but also fostering economic growth and energy security. The partnership with ALTÉRRA exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide.”

Evren, a renewable energy platform backed by Brookfield’s Global Transition Fund II (BGTF II), recently signed a power purchase agreement with state-run NTPC Ltd for the supply of 300 MW of green power. 

ALTERRA is BGTF II’s largest third-party investor, following a $2-billion commitment made during COP28 to the United Nations Framework Convention on Climate Change. 

Brookfield Asset Management Ltd is a global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit.

Renewable energy investments have grown in the past few years in India, in line with the government’s ambitious target to achieve 500 GW of non-fossil power capacity by 2030. Currently, India has 269.82 GW of installed non-fossil capacity, per data from Central Electricity Authority (CEA).

According to ratings agency Crisil, India will see a fivefold growth in green investments to ₹31 trillion between 2025 and 2030.