Latest news with #AbsoluteEnergy
Al Etihad
3 days ago
- Business
- Al Etihad
ALTÉRRA backs Absolute Energy to develop gigawatt-scale renewable energy capacity in Italy
ABU DHABI (ALETIHAD) ALTÉRRA, the UAE's $30 billion climate investment vehicle, has announced a €50 million commitment via the ALTÉRRA Acceleration Fund to Absolute Energy, a forward-thinking Italian renewable energy platform. The co-investment, made alongside global infrastructure investment manager I Squared Capital, aims to fast-track the development of an initial 1.4GW active pipeline of projects across Italy. Absolute Energy is focused on the swift deployment of multiple commercially viable small to medium-scale solar projects throughout the country. Through this initial phase — comprising 1.4GW of solar and battery storage capacity — and with a broader development pipeline exceeding 6GW, Absolute Energy is positioned to become a next-generation Independent Power Producer (IPP), advancing Italy's decarbonisation and energy independence objectives. ALTÉRRA estimates that the 1.4GW pipeline could eliminate up to 380,000 metric tonnes of carbon dioxide equivalent (CO₂e) emissions annually. Italy has set a national target of adding 46GW of new solar capacity by 2030 in support of its net-zero ambitions. With high solar irradiation levels and favourable policy support, the country presents a compelling opportunity for expanding solar infrastructure. Majid Al Suwaidi, CEO of ALTÉRRA, said: '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. ALTÉRRA 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 ALTÉRRA works with partners to invest at scale to accelerate impact across key markets.' Sadek Wahba, Chairman and Managing Partner of I Squared Capital, added: '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.'
Trade Arabia
4 days ago
- Business
- Trade Arabia
ALTÉRRA backs Absolute Energy to develop renewable capacity in Italy
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. 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. 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.' -
Zawya
4 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.
Zawya
4 days ago
- Business
- Zawya
UAE climate fund Altérra backs Absolute Energy in Italy renewables project
Alterra, one of the world's biggest private climate funds has made its second direct investment in Europe through Italian renewable energy firm Absolute Energy and plans more deals ahead, its chief executive told Reuters. The fund, set up in 2023 by the United Arab Emirates with $30 billion, has so far invested $6.5 billion, mostly through climate and transition funds run by leading global investment firms BlackRock, Brookfield, and TPG. The deal for Absolute Energy will have the fund investing $50 million in direct equity from its Acceleration Fund alongside U.S. infrastructure firm I Squared Capital. The investment will help accelerate the development of an initial 1.4 gigawatts in solar and battery storage across Italy. Until now, Alterra had only directly invested in two companies - $100 million each in Indian renewables platform Evren and French renewables company Neoen- but it now plans to scale up, Majid Al Suwaidi said. "We are now transitioning from the first phase of the development of Alterra into a new phase in our work," he said. "This is our third co-investment so far in rapid succession... it's really charting a new path for us." Absolute Energy's initial project is expected to reduce climate-damaging emissions by up to 380,000 tons a year and it has a broader development plan of 6 GW, Alterra said. Set up at the UAE-hosted COP28 climate talks, Alterra, which now has a team of 14, aims to mobilise $250 billion globally by 2030 to help accelerate the energy transition. Al Suwaidi said finding deals which fit its mandate had been "more challenging" than expected and that it was looking at smaller deals of $50 million or more in the areas of industrial decarbonisation, climate technology, sustainability and renewable energy "to get things going". "We're becoming smarter about what we want from a deal and clearer about what we are looking for," he said. Alterra said for every dollar invested by its Acceleration and Transformation funds it has so-far attracted $8 and $4, respectively, from other investors. (Reporting by Simon Jessop and Virginia Furness Editing by Tomasz Janowski)
Reuters
4 days ago
- Business
- Reuters
UAE climate fund Altérra backs Absolute Energy in Italy renewables project
LONDON, June 3 (Reuters) - Alterra, one of the world's biggest private climate funds has made its second direct investment in Europe through Italian renewable energy firm Absolute Energy and plans more deals ahead, its chief executive told Reuters. The fund, set up in 2023 by the United Arab Emirates with $30 billion, has so far invested $6.5 billion, mostly through climate and transition funds run by leading global investment firms BlackRock (BLK.N), opens new tab, Brookfield ( opens new tab, and TPG (TPG.O), opens new tab. The deal for Absolute Energy will have the fund investing $50 million in direct equity from its Acceleration Fund alongside U.S. infrastructure firm I Squared Capital. The investment will help accelerate the development of an initial 1.4 gigawatts in solar and battery storage across Italy. Until now, Alterra had only directly invested in two companies - $100 million each in Indian renewables platform Evren and French renewables company Neoen- but it now plans to scale up, Majid Al Suwaidi said. "We are now transitioning from the first phase of the development of Alterra into a new phase in our work," he said. "This is our third co-investment so far in rapid succession... it's really charting a new path for us." Absolute Energy's initial project is expected to reduce climate-damaging emissions by up to 380,000 tons a year and it has a broader development plan of 6 GW, Alterra said. Set up at the UAE-hosted COP28 climate talks, Alterra, which now has a team of 14, aims to mobilise $250 billion globally by 2030 to help accelerate the energy transition. Al Suwaidi said finding deals which fit its mandate had been "more challenging" than expected and that it was looking at smaller deals of $50 million or more in the areas of industrial decarbonisation, climate technology, sustainability and renewable energy "to get things going". "We're becoming smarter about what we want from a deal and clearer about what we are looking for," he said. Alterra said for every dollar invested by its Acceleration and Transformation funds it has so-far attracted $8 and $4, respectively, from other investors.
