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Abu Dhabi-based climate investment vehicle ALTÉRRA has made its first direct investment in India, committing $100 million to Indian renewable energy platform Evren, the investor said in a statement on April 29. The investment was done alongside Brookfield Global Transition Fund II and others, though details of their investments were not shared.

The investment, made via the ALTÉRRA Acceleration Fund, is aimed at fast-tracking the development of up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh.

The transaction marks a major step in ALTÉRRA’s broader goal to mobilize $250 billion globally for climate finance by 2030, the statement added.

Evren is the latest investment from Brookfield’s Global Transition Fund II (BGTF), which continues to raise capital following its record-breaking $15 billion first vintage, the statement said. ALTÉRRA is the fund’s largest third-party investor, following a $2 billion commitment made during COP28.

CEO Majid Al Suwaidi said the investment underscores ALTÉRRA’s mission of mobilising capital into scalable, high-impact climate initiatives. “By deploying capital into India’s fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities,” he said.

Connor Teskey, president of Brookfield Asset Management, said the partnership with ALTÉRRA strengthens efforts to meet India’s ambitious renewable energy goals while 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," Teskey said.

Evren, backed by Brookfield’s transition fund, is among India’s fastest-growing clean energy developers. Its projects aim to support not only the expansion of renewables but also local supply chains by working with domestic manufacturers of wind turbines and solar modules.

India, which is expected to grow its GDP by around 6.5 percent in 2024, may require an estimated $300 billion in renewable energy investment by 2030, the statement said. Regulatory reforms and advances in energy storage are further strengthening the investment climate.

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