ALTÉRRA co-invests $100m in Indian clean energy platform Evren
The move, made alongside Brookfield Asset Management and other investors, aims to accelerate clean energy deployment in one of the fastest-growing major economies.
The investment was made through the ALTÉRRA Acceleration Fund and marks the fund's first direct investment into the Global South.
It will support the development of approximately 11 gigawatts (GW) of solar, wind, and battery storage projects across the Indian states of Rajasthan and Andhra Pradesh.
The projects are expected to contribute significantly to India's national target of achieving 500GW of renewable energy capacity by 2030.
Evren: A key company supporting India's energy transition
Evren, a key player in India's energy transition, is focusing on strengthening the country's clean energy ecosystem. The company works with domestic manufacturers for wind turbines and solar modules, supporting supply chain resilience and local economic development.
India, projected to grow at around 6.5 per cent GDP in 2024, is pushing to meet its surging energy demand through clean sources.
The transition is expected to require as much as $300bn in investment by 2030, driven by economic expansion, technological advancements in energy storage, and favorable regulatory reforms aimed at improving the renewable energy investment climate.
'ALTÉRRA's investment in Evren is a powerful demonstration of our mission in action — catalysing capital into tangible, scalable, and economically compelling climate initiatives,' said Majid Al Suwaidi, CEO of ALTÉRRA. 'By deploying capital into India's fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities. ALTÉRRA's
Connor Teskey, president of Brookfield Asset Management, welcomed the co-investment: 'ALTÉRRA's investment in Evren is a significant 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.'
ALTÉRRA, Brookfield investments
Evren is among the latest investments from Brookfield's Global Transition Fund II (BGTF II), which is still raising capital following a record $15bn in its first vintage. ALTÉRRA committed $2bn to BGTF II during COP28, becoming its largest third-party investor.
The Evren transaction reflects ALTÉRRA's strategy of mobilising institutional capital into both developed and emerging markets and underscores its expanding role in the global clean energy landscape.
The investment highlights ALTÉRRA's progress since its launch and signals its ambition to scale up impact in 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
6 hours ago
- Arabian Post
Why Narendra Modi Can't Compromise On Market Access To Us On Agri, Dairy?
By Nitya Chakraborty The India-US trade war over Donald Trump's 50 per cent tariff on Indian exports to the USA with effect from August 27 this year has assumed a major political dimension linking the political future of both Indian Prime Minister Narendra Modi and the United States President Donald Trump. For Narendra Modi, the outcome has also personal implications as the decision impacts the future of farmers as also dairy industry in his own state Gujarat. The trade disputes have always have got major political dimensions, but in the current India-US trade talks, five rounds of which have already taken place, the main focus has shifted to the US demand for market access to the Indian agriculture and dairy sectors. The US farmers bodies as also the companies which are involved in agri and dairy products are anxiously waiting as for the first time, the vast Indian market of 1.42 billion population will be opened up to them if Narendra Modi agrees to the Trump pressure in the final round of talks. Why the market access is crucial for the Republican President Donald Trump at the India-US trade talks? The farmers organisations are very powerful in shaping the direction of US politics and they have big political lobbies in the US Congress covering both Republicans and Democrats. The appeasement of the US farmers lobby is a distinct part of the Republicans who depend on the farmers votes in the elections, especially in the swing states. The midterm elections to the Congress and the Senate are due in November 2026. Both Republicans and Democrats are poised for a bitter battle in this crucial poll. The farmers, across the US, especially in the six swing states of the US, will be a determining factor in the 2026 polls. Trump is under tremendous pressure from the US farm lobby which is also a big contributor to the President's election campaign. Any compromise by Trump meaning denial by Narendra Modi of market access to vast agri and dairy sectors in India as also fisheries, will be used by the Democrats in the election campaign terming it as the let down of the farmers by President Trump. Trump can not afford this setback at this hour. That is why the US President is so angry with Prime Minister Narendra Modi since the Indian negotiators in the last round of trade talks in Washington firmly told the US side that no market access to Indian agriculture could be allowed. That is the reason Trump reacted in anger by saying that no further trade talks if tariff issues were not solved. The US team was scheduled to arrive in New Delhi for another round of talks on August 25 this year, but Trump's remarks have cast shadow on the certainty of the Sixth Round of India-US trade talks though till now, the Indian side has got no formal indication for cancellation of the visit. But the signal is clear. The additional 25 per cent tariff due to India's buying of Russian oil is going to take effect from August 27. Trump wants India to indicate two things-first no buying of Russian oil from now and granting market access to the US in Indian agriculture sector. Now for Prime Minister Narendra Modi, it is politically suicidal for him to agree to any of the Trump's two demands. The Russian oil tariff issue can be sorted out if there is a sort of agreement between Trump and Putin at the Alaska meeting on August 15. If the final understanding takes a few days more after August 15 following the possibility of a final meeting with Ukraine President Volodymyr Zelensky, there is possibility of an escape route on additional 25 per cent tariff if an agreement is reached by the end of the month. But on market access in Indian agriculture issue, the US side is adamant at the directive of Trump. Trump may not agree to the total trade deal if India does not agree to granting US market access in agriculture and dairy industry. Right now as on August 13, two days before the Independence Day address of the Indian Prime Minister, indications are that Narendra Modi has decided to fight President Trump on the agriculture and dairy industry issue. On Thursday, Prime Minister was candid in declaring that he would not compromise farmer's interests and was even ready to pay a heavy personal price to protect the farmers. On Tuesday, the farmers organisations thanked the Prime Minister for his stand to protect the interests of the farmers. Prime Minister in his Independence Day address from Red Fort is expected to take this economic sovereignty and farmers interests issues to a high pitch and try to combat opposition challenge on SIR and Bihar polls. For Narendra Modi, there are some major political compulsions to project him as the protector of farmer's interests and defy Trump pressure on trade and tariff. The agriculture sector has 54.6 per cent of the total Indian workforce while the agriculture and allied activities account for 18.4 per cent of GVA at current prices during 2022-23. Similarly, the dairy market in India is most thriving and its business value in 2024 is estimated at Rs. 18.9 billion. The dairy industry employs eight crore people. Gujarat is the leader along with Uttar Pradesh and Rajasthan, All are BJP controlled states. As the topmost BJP leader and RSS man, Narendra Modi instinctively can not take any other position. He is getting full backing from the RSS. The US has not only been demanding low tariffs on certain farm products such as corn, soybeans, apples, cotton, almonds and ethanol, but also pitching for allowing entry of its genetically modified produce like maize, soy, canola and cotton into the Indian market. India can not agree to this absurd US demands at the cost of the Indian farmers. The US farmers are highly subsidized by the government. There is a continuous fighting between the farmers of USA and European Union on the extent of subsidy. The EU nations are also known for giving high subsidy to their farmers. New Delhi has traditionally kept agriculture out of Free Trade Agreements with other nations. Granting market access to the US could force India to extend similar concessions to other trading partners. The average Indian farm comprises just 1.08 hectares, compared to 187 hectares in the US. In dairy, the average herd size in India is two to three animals per farmer, compared to hundreds in the US. This difference makes it difficult for small Indian farmers to compete with their US counterparts. The Global Trade Research Initiative (GTRI) has cautioned that permanent reduction of agricultural tariffs in the India-US free trade agreement could result in subsidised US grains overwhelming Indian markets during global price downturns. Past evidence shows that global grain prices plummeted between 2014 and 2016, with wheat prices falling under $160 per tonne, devastating African farmers. Food security is a major concern in a highly populated country like India. Indian leaders can not opt for a policy which will allow the market to be dominated by the others having no interest in the well being of the Indian farmers. Latest figures indicate Indian exports to USA in 2024 totalled US$ 78 billion. Out of this total, 55 per cent , will be impacted by the Trump tariff of 25 per cent now and 50 per cent from August 27 if there is no India-US understanding. The labour intensive sectors like textiles, apparels, gems and jewellery are the areas which have been impacted most.. Already, one lakh gem jewellery workers have been affected in Surat, the apparels and textile owners fear the adverse impact affecting lakhs of workers since the US is the prime destination of exports for their products. This is a serious situation at a time when the employment situation in the country is already precarious. Prime Minister Narendra Modi has to take all the factors into account. If the US does not continue the trade talks further and India has to pay the additional tariff of 50 per cent from August 27, the adverse impact on Indian economy will be felt immediately and it will intensify. PM has to work out an alternative based on hard analysis of the global trade potentialities. For India, this crisis due to Trump's tariff can be turned into an opportunity to rebuild India. On the basis of strategic independence without depending heavily on any nation. Whether the BJP Prime Minister will take the bait, that is the million dollar question. (IPA Service)
What's On
18 hours ago
- What's On
Where to celebrate Indian Independence Day in Dubai
Indian Independence Day is celebrated on August 15, a day that marks the nation's liberation from British colonial rule. With the UAE being home to close to 4.36 million Indians, this is more than enough reason for top restaurants across Dubai to celebrate with delicious lip-smacking dishes and deals to put diners in a patriotic spirit. Here are 12 restaurants to celebrate Indian Independence Day in Dubai Armani/Amal Armani Amal Dine at Armani/Amal and go on a flavourful journey through India with a signature vegetarian thali menu designed to honour the spirit of the nation. The sharing menu includes a medley of aromatic, spice-laden dishes, including grilled cottage cheese tikka stuffed with chilli and mango chutney, tandoor-smoked eggplant, basil coriander tikki and more. To cool down your palate at the end of the night, try traditional favourites which include the gulab jamun and fragrant saffron rasmalai. The limited-time thali can be enjoyed for Dhs315 per person only on August 15. Location: Armani/Amal, Burj Khalifa Times: August 15 Cost: Dhs315 per person Contact: (04) 888 3010 @armaniamal Rang Mahal Rang Mahal Award-winning Indian restaurant Rang Mahal is serving up a curated three-course set menu for Dhs145 per person for just one day on August 15. There's chaat, spicy Kerala fried chicken, minced lamb kebabs, lamb rogan josh, Mangalorean ghee roast prawns, chicken tikka masala, and more to be enjoyed. You can elevate your experience with a selection of alcoholic and non-alcoholic beverages from Rang Mahal's beverages menu. Location: Rang Mahal, JW Marriott Marquis Hotel Dubai, Sheikh Zayed Road Times: August 15, 6pm to 7.30pm Cost: Dhs145 per person for three-course set menu Contact: (04) 414 3000 @rangmahaldubai Rohini Rohini: pistachio malai motichur Rohini at Mövenpick Hotel JLT has created a special menu only for Indian Independence Day. It features elevated Indian classics such as dahi bhalla (creamy lentil fritters with tangy chutney), Jafrani murgh kebab (tandoor-cooked, saffron-infused stuffed chicken), govind gatta curry (a royal dumpling dish in a rich gravy) and more. The restaurant has also curated a show stopping dessert for the day: a pistachio malai motichur showcasing the vibrant colours of the Indian flag. You will be able to enjoy the menu from August 15 to 17. Location: Rohini, Mövenpick Hotel JLT Times: August 15 to 17 Contact: (04) 438 0064 @rohinibylmi Pincode Pincode Dubai Celebrate the big day at Pincode by Indian celebrity chef Kunal Kapur and you will be treated to a complimentary ghewar dessert. Ghewar is a crisp sweet treat with a honeycomb-like texture, paired with saffron syrup, and dressed up with silver leaf and chopped nuts. It's a festive delicacy from Rajasthan, and fans of sweet treats are sure to enjoy it. Location: Dubai Hills Mall, Dubai Hills Times: August 15 Contact: (04) 566 1424 @ Punjab Grill Punjab Grill Dubai Head to this Michelin-recognised fine dining restaurant and tuck into two dishes for a discounted rate. You can pick from the chicken tikka sampler – a vibrant and juicy chicken dish grilled to perfection, or the paneer roulade on makhani saag – a rich, creamy, vegetarian-friendly dish. Both dishes will sport the colours of the Indian flag and are priced at Dhs78, a nod to India having completed 78 years of independence. Location: Anantara Downtown Dubai, Downtown Dubai Times: August 15 Cost: Dhs78 per dish Contact: (04) 194 1107 @punjabgrilldubai Dhaba Lane Dhaba Lane Have a big appetite? Celebrate in true desi style with a thali. And one of the spots to consider is Dhaba Lane. The homegrown restaurant will be serving the thali for Dhs55 at all Dhaba Lane outlets. Pick from the vegetarian or non-vegetarian platter and enjoy a feast of bread, rice, curries, starters, and a dessert. Dishes on the vegetarian platter span papadi chaat, paneer tikka and tiranga pulao, while meat fans can enjoy banjaara murgh tikka, murgh palak lehsuni and more. And it's perfect to share. Diners will also be treated to complimentary refreshing non-alcoholic shots in the colours of the Indian flag. Location: Dhaba Lane in Al Nahda, JLT, Garhoud and Karama Times: August 14 to 17 Cost: Dhs55 for a thali @ World of Curries World of Curries Celebrate both, Indian and Pakistani Independence Day at World of Curries in Aparthotel Adagio Dubai Deira and receive 30% off the total bill . On the menu, enjoy favorites such as rich butter chicken, smoky seekh kebabs, tangy chana masala, and fragrant biryanis. Location: World Of Curries, Aparthotel Adagio Dubai Deira, 110 Al Khaleej Street, Deira Times: August 14 to 17, 12.30pm to 10.30pm Offer: Indians and Pakistanis receive 30% off the total bill Contact: (054) 792 8707 Radisson Blu Hotel, Dubai Deira Creek Head to Boulvar at Radisson Blu Hotel, Dubai Deira Creek and celebrate India's 79th Independence Day with a lavish feast. The buffet showcases regional favourites, from aromatic biryanis and rich, slow-cooked curries to sizzling tandoori specials, tangy papdi chaat, and freshly made tawa dishes. Your experience will include a festive atmosphere, Bollywood music, vibrant themed décor, and live Dhol and Bhangra performances. You can also head to the dance floor and show off your moves. Continue the fun at Marble where the after-party comes alive with karaoke. The whole celebration can be enjoyed for just Dhs79. Location: Boulvar and Marble at Radisson Blu Hotel, Dubai Deira Creek Times: August 15, 7pm to 11pm Cost: Dhs79 per person Contact: (04) 205 7033 / 7034 @radissonbludxb Kinara by Vikas Khanna Celebrity chef Vikas Khanna has curated a special set menu at Kinara at JA Lake View Hotel which diners can enjoy on August 15 . There's a delicate amuse-bouche seasoning pot with sweet and hot flavours, chaat, paneer fritters, paneer qorma, achari lamb, Hyderabadi vegetable briyani, and much more. Project Chaiwala will also be on hand, serving masala blend tea in eco-friendly kulhad cups. It will cost you Dhs249 per person. Location: Kinara, JA Lake View Hotel, Mina Jebel Ali Times: August 15, 6.30pm to 10.30pm Cost: Dhs249 per person Contact: (04) 814 5604 @kinaradxb Varq Varq Restaurant A three-course set menu has been curated for lunch and dinner at Varq at Taj Exotica Resort & Spa, The Palm. Highlights include smoky Rajasthani lamb curry, prawns in coastal coconut gravy, and saffron-laced lotus stem koftas. Enjoy with loved ones for Dhs250 per person only on August 15. Location: Varq, Taj Exotica Resort & Spa The Palm, Palm Jumeirah Times: August 15, lunch 12pm to 3pm and dinner 6pm to 11pm Cost: Dhs250 per person Contact: (04) 275 4444 @varqpalmdubai Palm Kitchen For a buffet experience, head to Palm Kitchen at Taj Exotica Resort & Spa on Palm Jumeirah. On the menu are a range of dishes inspired by India's regional classics and festive favourites. All yours to enjoy for Dhs225 for dinner. Location: Palm Kitchen, Taj Exotica Resort & Spa The Palm, Palm Jumeirah Times: August 15, 6.30pm to 10.30pm Cost: Dhs225 per person Contact: (04) 275 4444 Purani Dilli Purani Dilli Dubai Purani Dilli at Four Points by Sheraton Sheikh Zayed Road and Bur Dubai are offering a special three-course menu inspired by the vibrant Indian tricolours. Enjoy the meal for Dhs78, and you can also enjoy the soulful patriotic tunes by a live band. Go dressed in your best Indian attire for a chance to win a special treat. Location: Purani Dilli, Four Points by Sheraton Sheikh Zayed Road and Bur Dubai Times: August 15, 12.30pm to 12am Cost: Dhs78 per person Contact: (056) 414 2213 @puranidillidubai Images: Supplied and Instagram
Gulf Today
a day ago
- Gulf Today
India launches e-truck initiative
The Indian government has launched a groundbreaking scheme to provide financial incentives for electric trucks (e-trucks), aiming to accelerate the country's transition to clean, efficient, and sustainable freight mobility, as per an Indian Press Information Bureau (PIB) press release. Key sectors set to benefit include the cement industry, ports, steel, and the logistics sector. To qualify for the incentives, the scrapping of old, polluting trucks is mandatory ensuring a dual benefit of modernising vehicle fleets and reducing emissions. This initiative by the Ministry of Heavy Industries (MHI) aligns with the broader objective of building a self-reliant electric mobility ecosystem. By extending incentives to e-trucks, the scheme aims to reduce operational costs for transporters, encourage clean energy adoption in the heavy vehicle segment and enhance air quality in urban and industrial regions bringing India closer to a sustainable, low-carbon future, the press release adds. An article by experts from the International Council on Clean Transportation states that on July 11, 2025, when the MHI officially released guidelines for subsidies under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, it marked a historic moment for India's transport sector. For the first time, electric trucks (e-trucks) are being supported by specific incentives at the national level. With a budget allocation of Rs 5000 million aimed at supporting around 5500 e-trucks, this initiative provides a critical push to decarbonize India's freight sector – one of the largest and fastest-growing sources of emissions in the country. Under the new guidelines, medium- and heavy-duty trucks, which are those with a gross vehicle weight of 3.5 tonnes and above, are eligible for subsidies of Rs 5000 per kWh of battery capacity. These subsidies are capped depending on the different categories of gross vehicle weight and provide meaningful cost relief for early adopters. The article highlights that earlier initiatives primarily targeted buses and urban transport infrastructure. By including e-trucks, the E-DRIVE scheme is recognizing the critical role of goods movement in India's transport ecosystem. Hence, the article adds that this shift can be a gamechanger both economically and environmentally. E-trucks are central to India's climate commitments. Life-cycle assessments have estimated that greenhouse gas emissions from e-trucks are 17%–37% less than from diesel trucks, even with today's power grid. When powered by renewable energy, these life-cycle emissions drop by as much as 85%–88%. To meet its long-term climate targets – including achieving net-zero emissions by 2070 – analysis by the ICCT projects that India will need 100% zero-emission trucks (ZETs) in new sales by mid-century. Moreover, as e-trucks produce no tailpipe emissions, they are vital for improving air quality in freight hotspots such as ports, warehouses, logistics hubs, and industrial clusters. This leads to better public health outcomes for nearby communities. Although e-trucks currently cost 2–3.5 times more to purchase than equivalent diesel trucks, their lower operating and maintenance costs help narrow the total cost of ownership gap to about 1.2–1.5 times. The new subsidies help bridge this gap even further and make e-trucks more attractive to fleet operators. A report on the World Business Council for Sustainable Development (WBCSD) says that India's road freight sector is crucial for the economy but contributes significantly to CO₂ emissions and pollution. With freight volumes set to quadruple by 2050, decarbonization is essential. ZETs, primarily electric, offer a scalable solution, eliminating tailpipe emissions and offering operational savings. However, widespread adoption is limited, especially among small and medium freight operators who own over 70% of India's trucks, due to high upfront costs and lack of access to finance. The current lending system, optimized for diesel trucks, doesn't support the necessary scale for ZET investment. The WBCSD article offers a comprehensive financing model is designed to accelerate the ZET transition by tackling these financial barriers and creating a scalable, flexible pathway to unlock ZEV deployment. Developed for the Indian e-truck context, the model is adaptable across vehicle types and geographies. It shows how innovative financing, particularly leasing, can democratize access to ZETs and accelerate the shift to clean freight. For businesses and financial institutions, it highlights opportunities to de-risk investments, attract commercial financing, overcome upfront costs, and unlock a significant market opportunity aligned with climate goals.
