BBVA has committed $250 million as a proposed strategic limited partner to a climate co-investment vehicle that ALTÉRRA, plans to launch, subject to regulatory approvals.
The fund, once approved, will be domiciled in Abu Dhabi Global Market and will consolidate existing co-investments from ALTÉRRA Acceleration into a dedicated structure managed by ALTÉRRA. The vehicle marks a step in ALTÉRRA’s transition into its next phase of development.
The ALTÉRRA Opportunity Fund is expected to pursue a diversified global investment strategy across climate-aligned infrastructure, private equity and private credit. Target areas include the energy transition, industrial decarbonisation, climate technology and sustainable living, with investments spanning North America, Latin America, Europe and other growth markets.
The partnership was announced during Abu Dhabi Sustainability Week by H.E. Dr. Sultan Al Jaber, Chairman of ALTÉRRA, and Carlos Torres Vila, Chair of BBVA.
“This fund marks a new chapter for ALTÉRRA as we move into our next stage of growth and deepen our ability to mobilise and deploy global capital toward high-impact investments,” Al Jaber said.
Torres Vila said the agreement aligned with BBVA’s sustainability strategy and regional focus. “This partnership aligns with BBVA’s strategy to make sustainability a key driver of differential growth globally and to deepen our presence in fast-growing climate finance hubs such as Abu Dhabi,” he said.
BBVA has maintained a presence in Abu Dhabi since 2013 and has recently received in-principle regulatory approval to open a branch in the emirate to expand its wholesale banking activities. The bank said it has invested around €300 million to date in climate funds focused on decarbonisation and aims to channel €700 billion in sustainable business between 2025 and 2029.
