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Evren raises $100 mn from ALTÉRRA, Brookfield for 11 GW energy push

United Arab Emirates-based ALTÉRRA has committed $100 million to Indian renewable energy developer Evren, along with Brookfield and other investors. The investment, being made via the ALTÉRRA Acceleration Fund, is the world's largest private climate investment vehicle's first direct foray into the Global South. The capital will support the development and construction of up to 11 GW of wind, solar, and battery storage projects in India, primarily across Rajasthan and Andhra Pradesh. Evren works closely with domestic manufacturers for equipment such as wind turbines and solar modules, helping localise the clean energy value chain. The investment has been made through the $25 billion ALTÉRRA Acceleration Fund and comes alongside funding from Brookfield Asset Management's Global Transition Fund II (BGTF II) and other institutional investors. Launched at COP28 with a $30 billion anchor commitment from the United Arab Emirates, ALTÉRRA aims to mobilise $250 billion in global climate capital by 2030. The Evren investment marks the fund's first co-investment since launch. '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,' said H E Majid Al Suwaidi, chief executive officer, ALTÉRRA. India, the world's fastest-growing major economy, is looking to scale up its renewable energy capacity to meet rising power demand and decarbonisation goals. The country has set a target of 500 GW of installed renewable capacity by 2030, with estimates suggesting that reaching this goal will require around $300 billion in investments by the end of the decade, translating to $50 to $60 billion per year. Brookfield's BGTF II is backing the platform as part of its climate transition strategy. The fund, which follows a $15 billion first vintage, counts ALTÉRRA as its largest third-party investor following a $2 billion commitment last year. 'ALTÉRRA's investment in Evren is a 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,' said Connor Teskey, president, Brookfield Asset Management.