&w=3840&q=100)
Evren raises $100 mn from ALTÉRRA, Brookfield for 11 GW energy push
United Arab Emirates-based ALTÉRRA has committed $100 million to Indian renewable energy developer Evren, along with Brookfield and other investors. The investment, being made via the ALTÉRRA Acceleration Fund, is the world's largest private climate investment vehicle's first direct foray into the Global South.
The capital will support the development and construction of up to 11 GW of wind, solar, and battery storage projects in India, primarily across Rajasthan and Andhra Pradesh. Evren works closely with domestic manufacturers for equipment such as wind turbines and solar modules, helping localise the clean energy value chain.
The investment has been made through the $25 billion ALTÉRRA Acceleration Fund and comes alongside funding from Brookfield Asset Management's Global Transition Fund II (BGTF II) and other institutional investors.
Launched at COP28 with a $30 billion anchor commitment from the United Arab Emirates, ALTÉRRA aims to mobilise $250 billion in global climate capital by 2030. The Evren investment marks the fund's first co-investment since launch.
'By deploying capital into India's fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities. ALTÉRRA's mission is not just to finance projects but help reshape how and where the world invests through solutions that drive impact and build resiliency,' said H E Majid Al Suwaidi, chief executive officer, ALTÉRRA.
India, the world's fastest-growing major economy, is looking to scale up its renewable energy capacity to meet rising power demand and decarbonisation goals. The country has set a target of 500 GW of installed renewable capacity by 2030, with estimates suggesting that reaching this goal will require around $300 billion in investments by the end of the decade, translating to $50 to $60 billion per year.
Brookfield's BGTF II is backing the platform as part of its climate transition strategy. The fund, which follows a $15 billion first vintage, counts ALTÉRRA as its largest third-party investor following a $2 billion commitment last year.
'ALTÉRRA's investment in Evren is a milestone in our ongoing commitment to accelerating the global energy transition. 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,' said Connor Teskey, president, Brookfield Asset Management.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
7 minutes ago
- Time of India
Stablecoin firm Circle scales record high after blockbuster NYSE listing
Stablecoin issuer Circle Internet 's shares climbed 41% to hit a record high on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier. The New York-based company's stock touched as much as $117.45, more than triple its offer price of $31 and valuing the company at $30.5 billion on a fully diluted basis. The blockbuster listing also reinforced expectations that the IPO market was regaining its momentum after being stifled by tariff-driven volatility. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What to Know Before Buying Health Insurance in 2025 Search7 Learn More Undo "This is big enough that it extends beyond crypto ," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Wall Street executives also struck an optimistic tone on Thursday at an industry conference, emphasizing that markets were ready for the right companies. Live Events NYSE President Lynn Martin said Circle's IPO was a bellwether for the IPO market this year and not just for crypto listings. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Investors are also realizing that the uncertain environment is going to be relatively persistent and focusing on putting their dollars at work, Nasdaq CEO Adena Friedman said. "This is the latest sign of building momentum in the IPO market. We'll likely continue to see moderate activity over the next month, but there is still some tariff uncertainty on the horizon, which is why we're expecting more of a full IPO rebound in the fall," Kennedy said. Digital banking startup Chime is poised to go public in New York next week. Sixth Street-backed cancer diagnostic firm Caris Life Sciences, private equity-backed debt buyer Jefferson Capital and Florida-based Slide Insurance have also joined the IPO pipeline in recent weeks.
Time of India
32 minutes ago
- Time of India
Nidec inaugurates new manufacturing Orchard Hub campus in Hubli, Karnataka, celebrates next step in India growth strategy
Nidec Corporation ('Nidec'), the world's leading manufacturer of electric motors, generators, renewable energy solutions, and industrial machinery, proudly inaugurated its cutting-edge manufacturing campus, Orchard Hub, located in the Kotur-Belur Industrial Area of Hubli-Dharwad, Karnataka. The inauguration marks the launch of plant machinery and equipment installation across the six campus plants, paving the way for production to commence later this year. The inauguration ceremony was attended by Mr. M. B. Patil, Honourable Cabinet Minister for Large & Medium Industries and Infrastructure Development, Government of Karnataka, along with Mr. Michael Briggs, President of Nidec Motion & Energy. With Mr. Nakane Tsutomu, Consul General of Japan in Bangalore and Mr. Marc Lamy, Consul General of France in Bangalore, also in attendance, the milestone celebrated Orchard Hub's significance at both regional and international levels. The completion of the Orchard Hub campus is a major achievement in Nidec's commitment to strengthening its presence in India. As Nidec's eighth and largest Indian manufacturing facility, the 50-acre campus underscores Nidec's dedication to supporting the region's industrial development and India's broader economic ambitions. The project's groundbreaking ceremony was held in September 2023, and the campus was completed in just 20 months—a testament to meticulous planning and efficient execution. With the inauguration now complete, Nidec will begin the installation of plant machinery and equipment, with production expected to commence later this year. The Orchard Hub campus will serve multiple high-growth markets as the key manufacturing hub for generators for data centers, wind turbine generators and battery energy storage systems (BESS) for renewable energy, electric vehicle motors, controllers, and EV chargers for clean mobility, and high-efficiency motors, drives, system solutions across various business verticals. Equipped with advanced automation and built on Nidec's 3Q6S lean manufacturing principles, the facility is dedicated to delivering best-in-class products that support customers globally. Strategically located, the campus aims to deliver innovative solutions to both domestic and international markets, with a strong emphasis on exceptional customer service. In line with its sustainability goals, Nidec plans to make the Orchard Hub campus carbon-neutral by 2028 through the adoption of solar power, in-house microgrid systems, and BESS technologies. The facility is expected to create over 1,000 direct and 1,000 indirect employment opportunities in the region. Recruitment drives are already underway to hire diploma and ITI students from institutions in and around Hubli-Dharwad, as the company prepares to launch production. Speaking at the event, Nidec Motion & Energy President Michael Briggs expressed his confidence and optimism: 'India's robust economic growth presents exceptional opportunities for forward-thinking companies, and Nidec is proud to be an integral part of this momentum. Under the visionary leadership of our founder, Mr. Shigenobu Nagamori, we continue to expand our presence across the country. Nidec remains deeply committed to India's progress. Mr. Nagamori's visionary leadership has been instrumental in bringing the Orchard Hub to life, demonstrating Nidec's dedication to shaping India's growth story.' 'With an investment of $55 million, the Orchard Hub project serves as a cornerstone of our 'India for India' and 'India for Exports' strategy. The inauguration of the Orchard Hub Campus marks not only a significant milestone in this endeavour but also a defining chapter in Nidec's journey in India. This facility represents more than an investment in infrastructure; it reflects our commitment to people, innovation, and enduring partnerships. The Orchard Hub stands as a testament to our vision of fostering local innovation, generating employment, and delivering sustainable, zero-emission solutions tailored to India's unique needs.' President and Country Managing Director Girish D Kulkarni added: 'We are proud to establish our new state-of-the-art facility in Hubli, Karnataka, as a testament to our long-term commitment to the Indian market. This campus is not merely a physical space - It represents the future of Nidec in India: a hub for innovation, collaboration, and excellence. This marks an exciting time for all of us, and I extend my heartfelt gratitude to our dedicated teams and to the Government of Karnataka for their unwavering support. We look forward to working together as we continue contributing to the sustainable development of the region.' With the launch of Orchard Hub, Nidec strengthens its global manufacturing footprint while aligning with India's 'Make in India' and 'Atmanirbhar Bharat' initiatives. This development reinforces the company's role in advancing sustainable industrial growth both in India and worldwide. About Nidec Corporation Nidec Corporation is the world's leading electric motor manufacturer with 2024 revenues of over $17B. Founded in 1973 and headquartered in Kyoto, Japan, Nidec is a global company comprised of over 300 group companies and 100,000 employees with operations in more than 40 countries. A pioneer in electrification, Nidec is integral as a world-class global technology provider, localised manufacturer, and development partner in industries ranging from information technology, automotive, appliance, commercial, and industrial machinery. Nidec enables positive global change through innovative problem-solving. For more information, visit Nidec's website About Nidec Motion & Energy Nidec Motion & Energy, a Business Unit of Nidec Corporation, is a trusted development partner in multiple high-growth spaces including industrial automation, vehicle electrification and electrical infrastructure, providing world-class technology, support, and localised manufacturing to support industry leaders across the globe. With headquarters in St. Louis, Missouri, it employs over 13,000 individuals around the world in more than 40 countries. Disclaimer: This article has been produced on behalf of Nidec Industrial Automation India Private Limited by Times Internet's Spotlight team.
Mint
an hour ago
- Mint
Musk's Starlink gets DoT licence for satellite internet services
After a three-year wait, Elon Musk-owned Starlink has finally received the green light to launch its satellite internet services in India – a move that could provide connectivity in rural areas where physical infrastructure remains poor. The Department of Telecommunications (DoT) granted the company the critical Global Mobile Personal Communications by Satellite (GMPCS) licence on Friday, marking a major milestone in its entry into the Indian market. With this, Starlink becomes the latest entrant in India's satellite internet space after Eutelsat OneWeb and Jio Satellite. Notably, the licence for Startlink came within a month of the company securing a letter of intent (LoI) from the telecom department to start its services in the country. Also read: Elon Musk vs Donald Trump: POTUS to sell his 'beautiful' red Tesla amid spat with ex-DOGE chief - Report To be sure, Starlink still needs approval from the Indian National Space Promotion and Authorization Centre (IN-SPACe) for its constellation of satellites and the capacity it plans to deploy. The GMPCS licence allows companies to offer voice and data services through satellite. The licence is issued for a period of 20 years and allows companies to offer satellite communication services in licenced service areas. In addition to the GMPCS licence, Starlink has also received internet services provider (ISP) and very small aperture terminal (VSAT) licences from the government. Mint was the first to report on 7 May that Starlink had got the letter of intent after agreeing to comply with licensing conditions critical to national security. 'The company will be given the trial spectrum in the next few days to test its services and show compliance with the security norms," a government official said. The government has given allotted provision spectrum to OneWeb and Jio as well to comply with the security norms including lawful interception, network control and monitoring, geo-fencing of services and data localization. Compliance with conditions is essential for companies before starting satellite internet services commercially. Also read: Elon Musk vs Donald Trump feud: What's at stake here as Tesla boss takes on POTUS in this 'big, beautiful' fight? The licence comes as India looks to close a bilateral trade deal with the US to avoid a potential 26% reciprocal tariff before a 9 July deadline. Notably, Musk on 29 May announced his exit from the US president Donald Trump's administration and stepped down from his role as head of the Department of Government Efficiency (DOGE). Starlink had applied for a GMPCS licence in 2022, a key regulatory requirement for satellite-based communications in India. The company had started taking bookings for its satellite-based services from Indian customers in 2021, without even getting the licence. The company was then directed by the government to call off such bookings as these could not be done without a licence. In compliance with the DoT order, the company returned the booking amounts to over 5,000 pre-booked customers. Besides In-SPACe approval, Starlink's launch of satellite services in the country is also pending on the government's allocation of spectrum via non-auction route. The Telecom Regulatory Authority of India (Trai) has recommended administrative allocation of spectrum, as opposed to auctions, for satellite internet services. It said satcom companies will have to pay annual spectrum charges of either 4% of their adjusted gross revenue (AGR) or ₹3,500 per MHz, whichever is higher. The recommendations are pending with DoT and the government is expected to notify the terms and pricing for spectrum allotment soon. Satcom operators will also have to pay an annual licence fee of 8% of AGR to the government as per current authorization terms of the DoT. This is similar to what telecom operators pay, which includes a 5% licence fee and 3% towards the Universal Service Obligation Fund (USOF). Also read: Elon Musk vs Donald Trump: Tesla boss' alleged baby mama Ashley St Claire joins debate; offers POTUS 'breakup advice Additionally, Trai has recommended an annual charge of ₹500 per subscriber for satellite service providers in urban areas. Starlink will now need to set up earth station gateways–ground-based facilities that connect satellites to local networks, a critical component for internet connectivity. In a letter dated 29 May to telecom secretary Neeraj Mittal, the Cellular Operators Association of India (COAI), alleged that the pricing for satellite spectrum recommended by the telecom regulator is non-transparent, unjustified, and does not lead to a level-playing field between telecom and satellite internet operators. Trai, however, had said that satellite services will be complementary and not be competing with terrestrial services. 'Since satellite spectrum is a shared pool, the two (terrestrial and satellite) cannot be priced at par," Trai chairman Anil Lahoti said in a press briefing on 9 May. Lahoti added that Trai has recommended assigning spectrum for five years as satcoms are currently in a nascent stage, and their business potential would emerge after some years of operations. Besides Starlink, Amazon's Kuiper is also in the fray to enter the country and is awaiting a nod from the government on its application. Analysts said Starlink's entry could help bridge the digital divide, particularly in rural areas where internet access remains limited. 'Forty percent of India's population does not have internet access, with rural areas comprising the majority of these cases. This represents a large market opportunity for Starlink," brokerage Bernstein had noted in a report dated 4 March. "The entry of Starlink into the Indian market along with other major players such as OneWeb and Jio Satellite Communications is a significant milestone for the telecom sector in India. It will be interesting to witness these key players roll out satellite-based services and its impact, specially in underserved and rural areas, where traditional terrestrial infrastructure has struggled to reach," said Harsh Walia, Partner at Khaitan & Co.
