UAE’s ALTÉRRA Invests $100 Million in Indian Clean Energy Firm Evren

UAE’s ALTÉRRA Invests $100 Million in India’s Evren to Boost Renewable Energy

In a landmark move towards sustainable energy development, ALTÉRRA, a climate-focused investment fund backed by the United Arab Emirates, has committed $100 million to Mumbai-based renewable energy platform Evren. The strategic investment aims to accelerate the construction of solar, wind and battery storage projects in the states of Rajasthan and Andhra Pradesh, with the potential to generate up to 11 GW of clean energy capacity.

Recognized as the world’s largest private climate finance vehicle, ALTÉRRA has already committed more than $6.5 billion to climate initiatives globally. This latest investment, made through the ALTÉRRA Acceleration Fund, marks the fund’s first direct effort in the Global South.

Majid Al Suwaidi, CEO of ALTÉRRA, stressed the importance of the investment, saying that it demonstrates the organization’s commitment to investing in scalable, impactful climate solutions. He added that this initiative will help accelerate India’s growth by providing affordable and reliable energy and creating new investment opportunities.

Launched at COP28 with a $30 billion pledge from the UAE, ALTÉRRA aims to raise $250 billion globally by 2030 to help transition to a low-carbon economy. This investment in Evren is in line with ALTÉRRA’s overall plan to support significant renewable energy projects globally.

Brookfield Asset Management, one of Evren’s key partners, helped build the company’s pipeline for renewable energy. Brookfield President Connor Teskey stressed the value of leveraging both Evren’s strong pipeline and Brookfield’s operational expertise to help India achieve its renewable energy goals and improve energy security.

Backed by Brookfield’s Global Transition Fund II (BGTF II), Evren is committed to building green power projects and recently signed a 300 MW power purchase agreement with India’s state-run energy supplier NTPC Limited.

In response to the growing demand for renewable energy, India has installed 269.82 GW of non-fossil fuel capacity and plans to reach 500 GW by 2030. Crisil estimates that between 2025 and 2030, green investments in India will increase fivefold to ₹31 trillion.

This investment reaffirms the commitment of ALTÉRRA and its partners to drive the global energy transition and to develop India’s renewable energy sector.