ALTÉRRA, the world’s largest private climate investment vehicle, has announced its inaugural co-investment, committing $100 million to Indian renewable energy company Evren, in collaboration with Brookfield Asset Management and other investors. The funding is channelled through the ALTÉRRA Acceleration Fund and marks the firm’s first direct investment in the Global South.
The capital will help accelerate the development and construction of approximately 11GW of renewable energy projects—including solar, wind, and battery storage—across Rajasthan and Andhra Pradesh. These initiatives are set to contribute significantly to India’s national target of achieving 500GW of renewable capacity by 2030.
Evren, which works closely with domestic manufacturers for equipment such as wind turbines and solar modules, plays a central role in boosting India’s renewable energy supply chain and supporting local economic growth.
With India expected to be the world’s fastest-growing major economy in 2024—forecast to expand by 6.5%—the demand for clean energy has intensified. Meeting this need could require up to $300 billion in investments by the end of the decade, driven by advances in storage, infrastructure, and regulatory reform aimed at encouraging foreign and institutional investment.
H.E. Majid Al Suwaidi, CEO of ALTÉRRA, said: “ALTÉRRA’s investment in Evren is a powerful demonstration of our mission—deploying capital into scalable climate solutions in fast-growing economies. This marks a step forward in reshaping how and where the world invests.”
Connor Teskey, President of Brookfield Asset Management, added: “ALTÉRRA’s investment is a milestone in accelerating the global energy transition. Partnering with Evren supports India’s renewable ambitions while enhancing energy security and economic development.”
Evren is one of the recent investments under Brookfield’s Global Transition Fund II (BGTF II), which is currently raising capital after its $15 billion debut. ALTÉRRA, which committed $2 billion to BGTF II at COP28, remains the fund’s largest third-party investor. This move highlights ALTÉRRA’s growing presence in both developed and emerging markets and underscores its strategic focus on catalysing institutional capital to accelerate clean energy transitions globally.
