Latest news with #GlobalTransition
Gulf Business
30-04-2025
- Business
- Gulf Business
ALTÉRRA co-invests $100m in Indian clean energy platform Evren
Image: Getty Images/ For illustrative purposes 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.
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.
