ALTÉRRA Commits $100 Million To Evren For Indian Clean Energy Expansion

ALTÉRRA, the largest private climate investment vehicle globally, has announced its first co-investment. It is investing $100 million in Evren, an Indian renewable energy company. This move aims to boost clean energy growth alongside Brookfield Asset Management and other investors. The investment is through the ALTÉRRA Acceleration Fund and marks ALTÉRRA’s initial direct investment in the Global South.

This funding will aid in developing up to 11GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh. These projects are crucial for India to achieve its 500GW renewable energy target by 2030. Evren plays a significant role in this expansion, supporting national goals while enhancing the local clean energy ecosystem.

India is projected to be the fastest-growing major economy in 2024 with a GDP growth rate of 6.5%. The country is striving to meet its increasing energy needs with clean power sources. The demand for renewable energy could require a $300 billion investment by 2030. This demand is driven by economic growth, advancements in energy storage, infrastructure expansion, and supportive government regulations.

Evren collaborates with local manufacturers for wind turbines and solar modules. This collaboration not only speeds up renewable deployment but also strengthens supply chain resilience and boosts economic growth. Such efforts are vital as India works towards its ambitious renewable targets.

Connor Teskey, President of Brookfield Asset Management, stated that ALTÉRRA's investment in Evren marks a significant milestone in their commitment to accelerating global energy transition. He highlighted that combining Evren's development pipeline with Brookfield's operational expertise supports India's renewable targets while fostering economic growth and energy security.

Majid Al Suwaidi, CEO of ALTÉRRA, commented on the transaction: "ALTÉRRA’s investment in Evren is a powerful demonstration of our mission in action—catalysing 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."

Global Transition Fund II

Evren is among the latest investments from Brookfield’s Global Transition Fund II (BGTF II), which continues raising capital after its $15 billion first vintage success. ALTÉRRA is BGTF II’s largest third-party investor following a $2 billion commitment during COP28. This participation showcases ALTÉRRA's ability to attract institutional capital to both developed markets and the Global South.

The investment not only accelerates India's clean energy transition but also highlights ALTÉRRA’s progress since its launch. It underscores their ambition to make an even greater impact by 2025 through strategic investments that drive global clean energy markets forward.

With inputs from WAM