In a landmark move aimed at advancing global climate action, ALTÉRRA—the world’s largest private climate investment vehicle—has announced its first co-investment, injecting $100 million into Indian renewable energy firm Evren. The investment, made through the ALTÉRRA Acceleration Fund, marks the platform’s first direct funding into the Global South, as part of a broader partnership with Brookfield Asset Management and other strategic investors.

The funding will accelerate the development and construction of up to 11 GW of solar, wind, and battery storage capacity in the Indian states of Rajasthan and Andhra Pradesh. These projects are a critical step toward supporting India’s ambitious 500 GW renewable energy target by 2030, and are expected to significantly contribute to the country’s clean energy capacity while strengthening domestic supply chains through partnerships with Indian manufacturers of wind turbines and solar modules.

India, the fastest-growing major economy in 2024 with a projected GDP growth rate of ~6.5%, is facing a surging demand for energy. To meet this demand sustainably, the country is positioning itself as a key global hub for clean energy investment—requiring an estimated $300 billion in investment by 2030. This demand is bolstered by rapid progress in energy storage, large-scale grid infrastructure upgrades, and favorable regulatory reforms by the Indian government aimed at enhancing investor confidence.

Speaking on the investment, H.E. Majid Al Suwaidi, CEO of ALTÉRRA, stated:
“ALTÉRRA’s investment in Evren is a powerful demonstration of our mission—catalyzing capital into tangible, scalable, and economically compelling climate initiatives. We’re not just financing projects; we’re reshaping where and how the world invests by unlocking reliable, affordable energy and building long-term resilience.”

Connor Teskey, President of Brookfield Asset Management, added:
“ALTÉRRA’s co-investment in Evren is a major milestone that aligns with our strategy of deploying smart, high-impact capital. This collaboration combines Evren’s development pipeline with Brookfield’s operational strength, furthering India’s energy security and economic growth while accelerating the global energy transition.”

Evren is a recent addition to Brookfield’s Global Transition Fund II (BGTF II)—which is in active fundraising after a historic $15 billion first round. ALTÉRRA is the largest third-party investor in BGTF II, having committed $2 billion during COP28. This latest investment reinforces ALTÉRRA’s capability to mobilize institutional capital across both developed and emerging markets.

With this initiative, ALTÉRRA continues to position itself as a catalyst for high-impact climate investments—with growing ambitions to scale its influence even further in 2025.