Abu Dhabi-based climate investment platform ALTÉRRA on Tuesday said it has invested $100 million into Indian renewable energy developer Evren. Brookfield Asset Management and other investors also participated in the financing.
The investment, made through the ALTÉRRA Acceleration Fund, will support the development and construction of up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh. The move is expected to contribute meaningfully to India’s national target of 500 GW of installed renewable energy capacity by 2030.
Evren, backed by Brookfield’s Global Transition Fund II (BGTF II), is a renewable energy platform. By sourcing equipment from domestic manufacturers, Evren also claims to be supporting local supply chain resilience and economic growth.
The deal marks ALTÉRRA’s first co-investment since its launch at COP28, where it committed to mobilising $250 billion globally by 2030. The platform was launched with a $30 billion commitment from the UAE and aims to steer substantial climate finance toward projects that accelerate the global energy transition, particularly in emerging markets.
As the world’s fastest-growing major economy in 2024 with an expected 6.5% GDP growth rate, India is racing to meet its surging energy demand with clean power.
“By deploying capital into India’s fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities,” HE Majid Al Suwaidi, CEO of ALTÉRRA, said.
Brookfield, which manages over $1 trillion in assets globally, has been steadily expanding its renewable energy footprint in India through platforms like Evren, leveraging a mix of hydroelectric, solar, wind, and storage assets.
With India targeting net-zero emissions by 2070, investors are increasingly tapping opportunities in the climatetech sector and are preparing substantial capital pools for green energy initiatives.
Active investors in India’s climatetech space include Avaana Capital, Blue Ashva, Speciale Invest, Omnivore, Climate Seeds Fund, Asha Ventures, Transition VC, Climate Angels, EverSource Capital and Avaana Capital. On the LP side, British International Investment (BII) is also actively scouting for climate finance opportunities in the country.
