Insider Brief
- ALTÉRRA has made its first direct investment in the Global South with a $100 million co-investment in Indian renewable energy company Evren, alongside Brookfield Asset Management and others, to expand solar, wind, and battery storage projects.
- The investment will help develop up to 11GW of renewable energy capacity in Rajasthan and Andhra Pradesh, supporting India’s goal of 500GW of renewable energy by 2030 and boosting local supply chains and economic growth.
- With India expected to grow 6.5% in 2024, the partnership exemplifies ALTÉRRA’s strategy of deploying scalable climate capital in high-growth markets and Brookfield’s ongoing efforts to advance the global clean energy transition.
PRESS RELEASE – ALTÉRRA, the world’s largest private climate investment vehicle, has announced its inaugural co-investment, injecting $100 million into Indian renewable energy company, Evren, to accelerate the expansion of clean energy alongside Brookfield Asset Management (“Brookfield”) and other investors. The investment is being made via the ALTÉRRA Acceleration Fund, and it is ALTÉRRA’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. As a key contributor to India’s renewable energy expansion, Evren plays a key role in meeting the national targets while strengthening its local clean energy ecosystem. By working with domestic manufacturers for wind turbines and solar modules the platform is not only accelerating the deployment of renewables but also supporting supply chain resilience and economic growth.
As the world’s fastest-growing major economy in 2024 with an expected ~6.5% GDP growth rate, India is racing to meet its surging energy demand with clean power. 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.
Commenting on the transaction, H.E. Majid Al Suwaidi, CEO of ALTÉRRA, said:
“ALTÉRRA’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. 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.”
In support of ALTÉRRA’s co-investment Connor Teskey, President of Brookfield Asset Management, added:
“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. The partnership with ALTÉRRA exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide.”
