ALTÉRRA invests in Indian clean energy platform Evren
$100 million investment alongside Brookfield Global Transition Fund II ('Brookfield') and other investors delivers on ALTÉRRA's mandate to steer climate investment into the Global South.
Evren is one of India's fastest growing renewable energy development platforms focused on wind, solar and battery storage
Investment accelerates India's push toward 500GW of installed renewable capacity by 2030, fast-tracking the deployment of green energy.
Abu Dhabi – ALTÉRRA, the world's largest private climate investment vehicle, today announced its inaugural co-investment, injecting $100 million into Indian renewable energy company, Evren, to accelerate the expansion of clean energy alongside Brookfield Asset Management ('Brookfield') and other investors. The investment is being made via the ALTÉRRA Acceleration Fund, and it is ALTÉRRA's first direct investment into the Global South.
This investment will support the development and construction of up to ~11GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh, contributing to India's 500GW renewable target by 2030. As a key contributor to India's renewable energy expansion, Evren plays a key role in meeting the national targets while strengthening its local clean energy ecosystem. By working with domestic manufacturers for wind turbines and solar modules the platform is not only accelerating the deployment of renewables but also supporting supply chain resilience and economic growth.
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. The strong demand for renewable energy, potentially translating to a ~$300 billion investment requirement by 2030, is not only being driven by economic growth, but also breakthroughs in energy storage, large-scale infrastructure expansion and the Government's effort to make the renewable power investment environment more robust for investors, enhanced by several regulatory measures.
Commenting on the transaction, H.E. Majid Al Suwaidi, CEO of ALTÉRRA, said: 'ALTÉRRA's investment in Evren is a powerful demonstration of our mission in action—catalyzing 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. 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.'
In support of ALTÉRRA's co-investment Connor Teskey, President of Brookfield Asset Management, added:
"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. The partnership with ALTÉRRA exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide."
Evren is one the latest investments from Brookfield's Global Transition Fund II ('BGTF II'), which continues to raise capital following its record-breaking $15 billion first vintage. ALTÉRRA is BGTF II's largest third-party investor, following a $2 billion commitment made during COP28. Its participation in BGTF II and the Evren transaction demonstrates its ability to attract and mobilize institutional capital to both developed markets and the Global South, reinforcing its role as a key investor in global clean energy markets. The investment not only accelerates India's clean energy transition but also highlights ALTÉRRA's progress since launch and its ambition to make an even greater impact in 2025.
About ALTÉRRA
ALTÉRRA is the world's largest private investment vehicle for climate finance. Launched at COP28 with a US$30 billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize US$250 billion globally by 2030 to finance the new climate economy and accelerate the climate transition.
ALTÉRRA's dual-arm structure enhances its impact: the US$25 billion Acceleration Fund directs capital towards projects crucial for accelerating the global transition to a net-zero and climate-resilient economy at scale. The US$5 billion Transformation Fund incentivizes investment flows in high-growth climate opportunities in underserved markets by providing catalytic capital.
Alterra Management Limited is duly licensed and authorized by the ADGM Financial Services Regulatory Authority under the Financial Services Permission No. 200001.
About Brookfield
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business, and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
Media Contacts:
ALTÉRRA, Simon Hailes (Edelman Smithfield), alterra@edelman.com
Brookfield Asset Management, Shveta Singh, shveta.singh@brookfield.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
11 hours ago
- Arabian Post
India's Manufacturing Sector Embraces AI and Machine Learning
The manufacturing landscape in India is undergoing a profound transformation as nearly all major players invest heavily in artificial intelligence and machine learning technologies. This shift reflects a strategic focus on boosting operational efficiency, driving business impact, and advancing sustainability goals. An extensive survey by Rockwell Automation reveals that Indian manufacturers are rapidly adopting AI and ML to remain competitive in a global marketplace increasingly dominated by digital innovation. Manufacturers across India are leveraging AI and ML to optimise production processes, reduce costs, and enhance product quality. The integration of these technologies into factory operations enables predictive maintenance, real-time monitoring, and automation of complex tasks. This leads to minimising downtime, improving yield, and accelerating time-to-market. Industrial leaders cite AI and ML as essential tools for unlocking value amid rising raw material prices and supply chain uncertainties. The adoption rates in India closely mirror global trends but stand out for the intensity of focus on sustainability. AI-driven analytics allow manufacturers to significantly cut energy consumption and waste, contributing to environmental goals aligned with international standards and India's own climate commitments. Companies are deploying smart sensors and AI algorithms to monitor emissions and optimise resource use, which is crucial as regulatory pressures tighten and consumer expectations evolve. ADVERTISEMENT Executives in India report that their investment in AI and ML technologies is yielding measurable returns. Data from the Rockwell Automation survey indicates that over 90% of respondents observe improved operational performance attributable to these digital initiatives. Furthermore, nearly three-quarters affirm that their AI-driven strategies have enhanced decision-making speed and accuracy, facilitating quicker responses to market demands and disruptions. The Indian government's push to encourage digital adoption in manufacturing, through initiatives such as 'Make in India' and the National Strategy on AI, complements corporate efforts. Policy frameworks supporting Industry 4.0 advancements, including financial incentives and infrastructure development, have accelerated the uptake of AI and ML technologies. This alignment between public policy and private sector ambition has created a fertile environment for innovation in the manufacturing ecosystem. Several sectors within Indian manufacturing stand to benefit disproportionately from AI and ML integration. Automotive, pharmaceuticals, and consumer goods producers are early adopters, capitalising on AI's ability to optimise supply chains, enhance product customisation, and improve quality control. For example, AI algorithms can predict demand patterns more accurately, enabling just-in-time inventory management that reduces excess stock and associated costs. While enthusiasm for AI and ML is high, manufacturers face challenges in implementation. Shortages of skilled personnel who can develop and maintain AI systems are common, necessitating investment in workforce training and collaboration with technology providers. Cybersecurity remains a critical concern, as increased digital connectivity opens potential vulnerabilities. Firms are therefore balancing rapid technology deployment with robust risk management strategies to safeguard intellectual property and operational integrity. The evolving role of AI and ML in manufacturing also raises questions about labour dynamics. Automation driven by these technologies has the potential to displace routine manual jobs but also creates opportunities for higher-skilled employment in areas such as data science, system maintenance, and process optimisation. Industry leaders emphasise the need for reskilling initiatives to ensure the workforce adapts to the demands of a more digitally integrated manufacturing sector. ADVERTISEMENT Investors and technology companies are taking notice of India's growing appetite for AI and ML in manufacturing. Partnerships between domestic manufacturers and global tech firms are expanding, bringing access to advanced AI platforms and expertise. Indian startups specialising in industrial AI solutions are gaining traction, offering innovative products tailored to the unique challenges of Indian factories, such as managing variable power supply and legacy equipment integration. The emphasis on sustainability powered by AI is gaining traction beyond regulatory compliance. Indian manufacturers recognise that eco-friendly operations can enhance brand value and meet the expectations of increasingly conscious consumers worldwide. Technologies that track carbon footprints, water usage, and waste generation help firms align with global environmental, social, and governance criteria, which are becoming decisive factors for international trade and investment. As AI and ML technologies mature, their influence on Indian manufacturing's competitive edge is expected to deepen. Automation of routine tasks frees human workers to focus on innovation and complex problem-solving, potentially accelerating product development cycles and enabling mass customisation. Real-time data analytics empower firms to respond nimbly to market fluctuations and supply chain disruptions, a critical advantage amid ongoing geopolitical and economic uncertainties.
Arabian Post
a day ago
- Arabian Post
A sordid tale of the Blackstone IPO and a jailed NRI private bankster!
Matein Khalid I have had a neurological soft corner for Wall Street's alternative asset manager stocks ever since I resisted the come hither importunings of multiple Morgan Stanley (MS) managing directors before the firm sold its private wealth division in the DIFC to Credit Suisse. Everyone of these MS honchos wanted me to subscribe to the Blackstone IPO in the summer of 2007 at $32. They assured me that the biggest institutional investors in the UAE had all subscribed to the IPO and I was even excluded from a dinner with Stephen Schwartzmann, Blacktone's founder and chairman, since I refused to give MS an order for a $50 million IPO bid. By the summer of 2007, I was convinced that the world was headed into a traumatic global recession and even published an article in English which would have saved my fellow Dubai investors billions of dollars had they bothered to read it for free in the Khaleej Times as far back as January 2007. This article accurately predicted the global financial meltdown a year before it happened and is uploaded above. ADVERTISEMENT Naturally, these Morgan Stanley private bankers despite their fancy titles of MD, Imperial Wizards, King of Kings and Chief Concubine were clueless about the nuances of the global capital markets. I have learnt the hard way that the private banking and wealth business in the Middle East is really the blind leading the blind to the slaughterhouse, invariably with high octane leverage and absurdly high fees for the privileges of helping you gut your financial net-worth in the capital markets they barely understand. I sealed my unpopularity with Morgan Stanely's pinstriped bureaucrats in Dubai when I wrote successive articles, listing myriad reasons why I wanted to short both Morgan Stanley and Blackstone at 32. History or a cursory look at your smartphone will record that MS almost failed in the post Lehman Wall Street panic and the Blackstone IPO plunged from 32 to 4. To compound the insult that Dubai's top NRI investors faced as they haemorrhaged money on the advice of the MS clowns, the top Indian broker on the MS bench (Manoj Prasad) was jailed for fraud, money laundering and trying to bribe a CBI officer in India. So much for Wall Street/Swiss due diligence/ethics when it comes time to fleece the leveraged NRI lambs in the Gulf. My readers know I wrote successive columns in the UAE/British media recommending investors buy Blackstone (BX) shares at 10-12 when the distribution yield was 9%. I even recommended in writing to the chairman of the royal investment office where I was CIO not to allocate $25 million to Abraaj Capital for a board seat that meant squat at 3.5X book value when he could invest in Blackstone at $10 a share, way below book value. That $25 million went to money heaven when Abraaj failed in 2018 after Arif Naqvi's criminal fraud. Blackstone shares I recommended rose from $10 in 2010 to as high as $200. So that $25 million in Abraaj's eternal money heaven would be valued at $500 million if my poor chairman who had never heard of Steve Schwarzman but Magu, our Group CFO, a Karachi accountant, was dazzled by the intellectual brilliance of Arif Naqvi, the Gulf media's financier of the millennium. Moral of the story? If you think Wharton is expensive, try ignorance! Blackstone is now the planet's biggest alt asset manager with $1.2 trillion AUM and is valued at $167 billion on the NYSE. I am a nervous long at $136 since I believe the US private credit market will be gutted in a recession that is now inevitable in Q3, the reason why I went long up the wazoo on TLT at 84 as I expect JayPo to capitulate on rate cuts at the September FOMC. I want to exit my BX long via a covered call strategy before July 4th, our Independence Day. I am pretty sure I will be able to buy BX below 100 when the macro wolf finally swallows Grandma Goldilocks. We saw this movie before in the autumn of 2008 ADVERTISEMENT Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Arabian Post
a day ago
- Arabian Post
India's AI Surge Propels ChatGPT to New Heights
India has emerged as the largest user base for ChatGPT, accounting for 13.5% of global monthly active users, surpassing the United States at 8.9% and Indonesia at 5.7%, according to the latest AI Trends Report by Mary Meeker. This milestone underscores India's rapid adoption of AI technologies and its growing prominence in the global AI landscape. OpenAI CEO Sam Altman has acknowledged this trend, stating that 'India is outpacing the world' in AI engagement. He highlighted the country's enthusiasm and creativity in leveraging AI tools like ChatGPT for various applications, including education and professional development. A recent survey revealed that 60% of Indian professionals are utilizing generative AI tools such as ChatGPT and Microsoft Copilot. However, only 31% feel adequately prepared by their organizations to use these tools effectively, indicating a need for clearer policies and structured training programs to fully harness AI's potential. ADVERTISEMENT The educational sector in India has also seen significant integration of ChatGPT. Studies indicate that students and educators are increasingly adopting AI tools to enhance learning and teaching methodologies. While these technologies offer remarkable opportunities for educational innovation, they also bring forth challenges related to academic integrity and ethical use. Despite the surge in AI adoption, Altman previously expressed skepticism about India's ability to develop AI models comparable to ChatGPT, citing resource constraints. Nonetheless, the country's growing engagement with AI tools suggests a strong potential for innovation and development in this field.
