ALTÉRRA, recognized as the world’s largest private climate investment vehicle, has made a significant move by co-investing $100 million in the Indian renewable energy firm Evren. This investment, executed in collaboration with Brookfield Asset Management and other investors, is intended to enhance the deployment of clean energy in India, which is one of the fastest-growing major economies.

The funding was allocated through the ALTÉRRA Acceleration Fund and represents the fund’s inaugural direct investment in the Global South. The investment will facilitate the development of around 11 gigawatts (GW) of solar, wind, and battery storage projects across the Indian states of Rajasthan and Andhra Pradesh. These initiatives are poised to play a vital role in India’s national objective of reaching a renewable energy capacity of 500GW by the year 2030.

Evren is identified as a crucial participant in India’s energy transition, emphasizing the strengthening of the nation’s clean energy ecosystem. The company collaborates with local manufacturers to produce wind turbines and solar modules, thereby promoting supply chain resilience and fostering local economic growth. India is projected to achieve a GDP growth rate of approximately 6.5 percent in 2024, as it strives to satisfy its increasing energy demands through sustainable sources. The energy transition is anticipated to necessitate up to $300 billion in investments by 2030, driven by economic growth, advancements in energy storage technology, and favorable regulatory reforms that enhance the renewable energy investment environment.

Majid Al Suwaidi, CEO of ALTÉRRA, remarked that the investment in Evren exemplifies the organization’s mission to catalyze capital into impactful climate initiatives. He stated that by investing in India’s burgeoning economy, ALTÉRRA is contributing to reliable and affordable energy generation while creating investable opportunities.

Connor Teskey, president of Brookfield Asset Management, also acknowledged the significance of the co-investment, stating that it marks a key milestone in their commitment to facilitating the global energy transition. He highlighted that the combination of Evren’s development pipeline and Brookfield’s operational expertise is instrumental in supporting India’s renewable energy goals and enhancing economic growth and energy security.

This transaction is part of Brookfield’s Global Transition Fund II (BGTF II), which is actively raising capital following a record $15 billion in its initial fundraising round. During COP28, ALTÉRRA became BGTF II’s largest third-party investor by committing $2 billion. This investment underscores ALTÉRRA’s strategic objective of mobilizing institutional capital in both developed and emerging markets, reflecting its growing influence in the global clean energy sector. The Evren investment signals ALTÉRRA’s progress since its inception and its ambition to expand its impact throughout 2025.