In a significant move that strengthens India’s renewable energy transition, Abu Dhabi-based climate investment vehicle ALTÉRRA has made its first direct investment in India. The investment totals $100 million and is aimed at supporting Evren, an Indian renewable energy platform. The commitment is expected to help fast-track the development of up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh.

This is a major step for ALTÉRRA, which is working toward its broader climate finance target of mobilizing $250 billion globally by 2030. Through the ALTÉRRA Acceleration Fund, the investment is designed to accelerate the growth of renewable energy projects in India, a country that is increasingly seen as a key market for clean energy investment.

Key Details of the Investment

The investment was made in collaboration with the Brookfield Global Transition Fund II and other investors, though the exact details of the latter’s investments were not disclosed. This is part of ALTÉRRA’s strategy to deploy significant capital into scalable and high-impact climate initiatives. ALTÉRRA’s CEO, Majid Al Suwaidi, emphasized that the investment demonstrates the firm’s commitment to mobilizing capital into high-impact projects, particularly in rapidly growing economies like India.

India’s clean energy sector is a critical component of its overall climate strategy, and ALTÉRRA's involvement in the market is seen as a key driver of both energy security and economic growth. Connor Teskey, president of Brookfield Asset Management, highlighted that the partnership with ALTÉRRA is crucial for meeting India’s ambitious renewable energy targets while also promoting energy security and fostering economic growth. This collaboration aligns with India’s renewable energy targets as the country looks to expand its clean energy capacity and reduce reliance on fossil fuels.

Evren’s Role in India’s Clean Energy Future

Evren, the renewable energy platform receiving ALTÉRRA’s investment, is part of the Brookfield Global Transition Fund II (BGTF) and is recognized as one of India’s fastest-growing clean energy developers. Evren’s projects are not only focused on expanding renewable energy but also on strengthening local supply chains by working with domestic manufacturers of wind turbines and solar modules. This approach is expected to provide a dual benefit: accelerating India’s clean energy transition while creating local employment opportunities.

The projects funded by ALTÉRRA and BGTF are poised to help India achieve its ambitious clean energy goals, including generating a significant portion of its energy from renewable sources by 2030. With India’s GDP growth forecast at around 6.5% in 2024, the country is seen as a pivotal market for renewable energy investment. To meet these energy needs, India will require an estimated $300 billion in renewable energy investment by 2030.

India’s Growing Renewable Energy Market

India’s renewable energy market is primed for growth, supported by regulatory reforms and advances in energy storage technologies. These factors are making the country an increasingly attractive destination for global investors looking to capitalize on the clean energy transition. ALTÉRRA’s investment is part of this broader movement, as the company works to help India reduce its dependency on fossil fuel imports and become a leader in the global clean energy transition.

The partnership between ALTÉRRA and Brookfield not only strengthens efforts to meet India’s renewable energy goals but also supports economic growth through strategic investments in infrastructure. This partnership is an example of how high-impact capital can drive transformative energy projects worldwide, ensuring a more sustainable and energy-secure future for India.

Through this partnership, Evren and its stakeholders are positioned to play a leading role in shaping India’s renewable energy landscape, helping the country transition to a more sustainable energy future while creating significant economic opportunities.

Conclusion

In conclusion, ALTÉRRA’s $100 million investment in Evren is a significant step towards advancing India’s renewable energy infrastructure. This investment, made in collaboration with Brookfield’s Global Transition Fund, will help develop key solar, wind, and storage projects across Rajasthan and Andhra Pradesh, contributing to the country’s renewable energy expansion goals. With further investments planned, ALTÉRRA is helping lead the way toward a greener, more energy-secure future for India and beyond.

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