Latest news with #ALTERRA
Zawya
6 days ago
- Business
- Zawya
ALTÉRRA backs Absolute Energy to develop gigawatt-scale renewable energy capacity in Italy
Advances ALTÉRRA's mandate to deploy capital at speed for high-impact climate solutions. Project expected to avoid ~380,000 metric tons of CO₂e emissions annually Abu Dhabi – ALTÉRRA, the UAE's $30 billion climate investment vehicle, today announced a €50 million commitment via ALTÉRRA Acceleration Fund to Absolute Energy, an innovative Italian renewable energy platform. The co-investment, made alongside global infrastructure investment manager, I Squared Capital, will help accelerate the development of an initial active pipeline of 1.4GW projects across Italy. Absolute Energy focuses on the rapid development of multiple commercially viable small to medium-scale solar projects across Italy, leveraging the country's supportive regulatory environment - including accelerated permitting processes and guaranteed grid access. Through this initial buildout of 1.4GW of solar and battery storage capacity, along with a broader development pipeline of over 6GW, Absolute Energy is well positioned to become a next-generation Independent Power Producer (IPP) playing a key role in advancing Italy's decarbonization and energy independence goals. ALTÉRRA estimates that this 1.4GW pipeline could eliminate up to 380,000 metric tons of carbon dioxide equivalent (CO₂e) emissions annually [1]. Italy has set a national target of adding 46GW of new solar capacity by 2030 to advance its net zero ambitions, address rising power demand, strengthen energy security, and reduce dependence on energy imports. Benefiting from favourable conditions such as high solar irradiation levels coupled with supportive policies, Italy represents a compelling market opportunity for advancing solar infrastructure at a pivotal moment in Europe's energy transition. H.E. Majid Al Suwaidi, CEO of ALTÉRRA commented: 'We are excited to support Absolute Energy as it enters its next phase of growth. With a strong pipeline and deep sector expertise, the company will help drive Italy's clean energy future. ALTERRA invests to accelerate the climate transition through innovative approaches and partnerships. In working with a global leader like I Squared Capital with their strong track record in platform building and investing in renewables, this investment further demonstrates how ALTERRA works with partners to invest at scale to accelerate impact across key markets.' Sadek Wahba, Chairman and Managing Partner of I Squared Capital, said: 'We are proud to welcome ALTÉRRA as a strategic partner in Absolute Energy. Their investment underscores the strength of the platform and the scale of the opportunity in accelerating Italy's energy transition. ALTÉRRA brings deep climate focus and ambition, and we share their commitment to deploying capital with urgency and impact. This partnership is a powerful endorsement of Absolute Energy's innovative model and I Squared's long-standing approach to building transformational infrastructure businesses in critical sectors around the world.' -Ends- [1] Based on assumptions such as the renewable assets' capacity factor and degradation, life cycle emission assessment, current power grid carbon intensity and a counter factual scenario.
NDTV
05-05-2025
- Business
- NDTV
Opinion: Spain's Huge Power Blackout Is A Wake-Up Call For India
For Spain and Portugal, last week's nationwide blackout may have felt unprecedented. But in India, we have lived through these already. In July 2012, a grid collapse caused 400 million Indians to lose access to power, many of them for days. Most assume that, as the country grows richer and energy becomes more abundant, such problems won't recur. But, as Europe has learned, preventing grid collapse is a constant endeavor, not a battle that you only fight once. India's government has prioritized energy access, vastly expanding availability to households and building more generation capacity. It is now time for it to work on grid stability as well. As your energy choices change, your grid and how you manage it must too. We don't yet know what caused the initial disruption to Spain's grid that made it to lose its connection to France's more stable electricity network, but the additional variability introduced to its system by renewables - particularly on a sunny day - probably did not help. That should worry India's regulators. This is not an argument against renewable energy, especially not in India. Politicians in New Delhi have correctly noted that solar and wind power meet three requirements they view as crucial. First, they might end our crippling dependence on imported fossil fuels; second, grid-scale solar energy is now quite cheap; and third, off-grid renewables can sometimes reach where the regular grid does not. As a consequence, they have prioritized building out renewable energy capacity. Of the 34 gigawatts of generation added last year, 85% was renewables, with 24 gigawatts from solar power alone. Another 300 gigawatts is planned by the end of the decade. Much of this is driven by private capital and entrepreneurial energy at every level. At one end of the scale, street markets in the poorest states are full of cheap rooftop solar sets. And at the other, highly valued companies like ReNew Power Pvt. and Tata Power Co. have soaked up investor dollars, promising to benefit from the nation's vast solar ambitions. This week, the United Arab Emirates-led green private capital fund ALTERRA and Brookfield Asset Management Ltd. announced plans to invest $100 million in the solar project developer Evren. All of this sounds great. India does best on those tragically few occasions when its consumers and companies are left to make the right choices, and are given access to capital and supportive regulations. That is how the country became an IT superpower that now has the cheapest high-speed data in the world. Yet the government has responsibilities, too. It has to ensure the grid can manage the additional requirements - both new consumers and new sources. This will cost money, but not even the government knows how much. Predictions vary from $107 billion to $500 billion, and even the lower end seems unaffordable at the moment. New Delhi hates spending money, but it is going to have to construct a workable plan for investment into the grid, and soon. The government's tasks don't stop there. It must also try and figure out what's actually getting installed in terms of solar power, and who is doing the building. Self-consumption electricity systems of various kinds - whether off grid, or the sort that can provide power to the grid as well as taking it out - come with very special issues that must be addressed. As BNEF Research has pointed out, one of the problems that Spain faces is that authorities there don't know enough about solar power generation in the country; it may have 10.5 gigawatts more photovoltaic modules installed than official data suggest. Grid management becomes very complex under such circumstances. Ideally, you should be able to forecast electricity demand, when it will peak and who will put how much into the network under various circumstances. But a lack of clarity about self-consumption means predictions lose accuracy, and the grid turns vulnerable. It has also become clear that all is not well even among India's large corporate champions of renewable power. One such, Gensol Engineering Ltd., has just run into trouble after the misbehavior of its founders came to light. Government raids on Genpact offices and various other problems have eroded 70% of its value in two months, and sent shock-waves through the solar sector. Clearly, it can't stay the Wild West forever. Regulators have realized that it is now systemically important, and corporate governance standards need to reflect that. India's per-capita consumption of energy is still very low by global standards - 1,331 kilowatt-hours in 2022-23, compared to 6,257 kilowatt-hours a year in China. The government, responding to the demands of its voters, is determined to narrow that gap. We may not know how much and when, but there it is absolutely certain that more new generation capacity will be installed in India than anywhere else in the world in the next few decades. And the majority of that will come from renewables. For a build-out without blackouts, regulators and the government will also need to work on better data, a more robust grid, and better-run companies. As Europe's grid collapse showed, some problems aren't magically solved when you get rich.
NDTV
05-05-2025
- Business
- NDTV
Spain's Huge Power Blackout Is a Wake-Up Call For India
New Delhi: For Spain and Portugal, last week's nationwide blackout may have felt unprecedented. But in India, we have lived through these already. In July 2012, a grid collapse caused 400 million Indians to lose access to power, many of them for days. Most assume that, as the country grows richer and energy becomes more abundant, such problems won't recur. But, as Europe has learned, preventing grid collapse is a constant endeavor, not a battle that you only fight once. India's government has prioritized energy access, vastly expanding availability to households and building more generation capacity. It is now time for it to work on grid stability as well. As your energy choices change, your grid and how you manage it must too. We don't yet know what caused the initial disruption to Spain's grid that made it to lose its connection to France's more stable electricity network, but the additional variability introduced to its system by renewables - particularly on a sunny day - probably did not help. That should worry India's regulators. This is not an argument against renewable energy, especially not in India. Politicians in New Delhi have correctly noted that solar and wind power meet three requirements they view as crucial. First, they might end our crippling dependence on imported fossil fuels; second, grid-scale solar energy is now quite cheap; and third, off-grid renewables can sometimes reach where the regular grid does not. As a consequence, they have prioritized building out renewable energy capacity. Of the 34 gigawatts of generation added last year, 85% was renewables, with 24 gigawatts from solar power alone. Another 300 gigawatts is planned by the end of the decade. Much of this is driven by private capital and entrepreneurial energy at every level. At one end of the scale, street markets in the poorest states are full of cheap rooftop solar sets. And at the other, highly valued companies like ReNew Power Pvt. and Tata Power Co. have soaked up investor dollars, promising to benefit from the nation's vast solar ambitions. This week, the United Arab Emirates-led green private capital fund ALTERRA and Brookfield Asset Management Ltd. announced plans to invest $100 million in the solar project developer Evren. All of this sounds great. India does best on those tragically few occasions when its consumers and companies are left to make the right choices, and are given access to capital and supportive regulations. That is how the country became an IT superpower that now has the cheapest high-speed data in the world. Yet the government has responsibilities, too. It has to ensure the grid can manage the additional requirements - both new consumers and new sources. This will cost money, but not even the government knows how much. Predictions vary from $107 billion to $500 billion, and even the lower end seems unaffordable at the moment. New Delhi hates spending money, but it is going to have to construct a workable plan for investment into the grid, and soon. The government's tasks don't stop there. It must also try and figure out what's actually getting installed in terms of solar power, and who is doing the building. Self-consumption electricity systems of various kinds - whether off grid, or the sort that can provide power to the grid as well as taking it out - come with very special issues that must be addressed. As BNEF Research has pointed out, one of the problems that Spain faces is that authorities there don't know enough about solar power generation in the country; it may have 10.5 gigawatts more photovoltaic modules installed than official data suggest. Grid management becomes very complex under such circumstances. Ideally, you should be able to forecast electricity demand, when it will peak and who will put how much into the network under various circumstances. But a lack of clarity about self-consumption means predictions lose accuracy, and the grid turns vulnerable. It has also become clear that all is not well even among India's large corporate champions of renewable power. One such, Gensol Engineering Ltd., has just run into trouble after the misbehavior of its founders came to light. Government raids on Genpact offices and various other problems have eroded 70% of its value in two months, and sent shock-waves through the solar sector. Clearly, it can't stay the Wild West forever. Regulators have realized that it is now systemically important, and corporate governance standards need to reflect that. India's per-capita consumption of energy is still very low by global standards - 1,331 kilowatt-hours in 2022-23, compared to 6,257 kilowatt-hours a year in China. The government, responding to the demands of its voters, is determined to narrow that gap. We may not know how much and when, but there it is absolutely certain that more new generation capacity will be installed in India than anywhere else in the world in the next few decades. And the majority of that will come from renewables. For a build-out without blackouts, regulators and the government will also need to work on better data, a more robust grid, and better-run companies. As Europe's grid collapse showed, some problems aren't magically solved when you get rich.
Mint
29-04-2025
- Business
- Mint
UAE-backed ALTÉRRA, Brookfield invest $100 million in green energy platform Evren
New Delhi: Climate-focused investment fund ALTERRA and Brookfield Asset Management, along with other investors, have infused $100 million into Mumbai-based renewable energy platform Evren. A statement from Abu Dhabi-based ALTERRA, the world's largest private investment vehicle for climate finance with total investments so far of over $6.5 billion, said the investment will support the development and construction of up to 11 GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh. ALTERRA has made the investment through the ALTÉRRA Acceleration Fund, and it is the company's first direct investment into the Global South. Majid Al Suwaidi, chief executive officer of ALTÉRRA, said in the statement: '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.' Launched at the 28th Conference of the Parties (COP28) in the UAE, with a $30-billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize $250 billion globally by 2030 to finance the new climate economy and accelerate climate transition. Connor Teskey, president of Brookfield Asset Management said in a statement: '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, a renewable energy platform backed by Brookfield's Global Transition Fund II (BGTF II), recently signed a power purchase agreement with state-run NTPC Ltd for the supply of 300 MW of green power. ALTERRA is BGTF II's largest third-party investor, following a $2-billion commitment made during COP28 to the United Nations Framework Convention on Climate Change. Brookfield Asset Management Ltd is a 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. Renewable energy investments have grown in the past few years in India, in line with the government's ambitious target to achieve 500 GW of non-fossil power capacity by 2030. Currently, India has 269.82 GW of installed non-fossil capacity, per data from Central Electricity Authority (CEA). According to ratings agency Crisil, India will see a fivefold growth in green investments to ₹ 31 trillion between 2025 and 2030. First Published: 29 Apr 2025, 07:36 PM IST
Time of India
29-04-2025
- Business
- Time of India
ALTERRA, Brookfield invest $100 mn invests in clean energy platform Evren
ALTERRA , the world's largest private climate investment vehicle, has made its debut investment in India. ALTERRA has made a co-investment of $100 million into Indian renewable energy company, Evren, along with Brookfield Asset Management, said a press release. The investment is being made via the ALTERRA Acceleration Fund, and it is ALTERRA'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, it said. By working with domestic manufacturers for wind turbines and solar modules, Evren is not only accelerating the deployment of renewables but also supporting supply chain resilience and economic growth, it added. 'ALTERRA'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," said H.E. Majid Al Suwaidi, CEO of ALTERRA. "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 of Brookfield Asset Management. Evren is one the latest investments from Brookfield's Global Transition Fund II (BGTF II). ALTERRA is BGTF II's largest third-party investor, following a $2 billion commitment made during COP28. 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, states the press release.
