New Delhi, Apr 29 (PTI) Alterra, the world's largest private climate investment fund, on Tuesday announced its inaugural co-investment, injecting USD 100 million into Indian renewable energy company, Evren, to accelerate the expansion of clean energy alongside Brookfield Asset Management and other investors.
"This investment will support the development and construction of up to 11 GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh, contributing to India's 500 GW renewable target by 2030," the firm said in a statement.
Evren is one of India's fastest-growing renewable energy development platforms focused on wind, solar and battery storage.
The investment is being made through the Alterra Acceleration Fund, and it is Alterra's first direct investment into the Global South.
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, the statement said.
As the world's fastest-growing major economy in 2024 with an expected 6.5 per cent 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 USD 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, Majid Al Suwaidi, CEO of Alterra, said: "Alterra's investment in Evren is a powerful demonstration of our mission in action - catalysing 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. Alterra'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 Alterra's co-investment, Connor Teskey, President of Brookfield Asset Management, added: "Alterra'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 Alterra exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide."
Evren is one of the latest investments from Brookfield's Global Transition Fund II, which continues to raise capital following its record-breaking USD 15 billion first vintage. Alterra is BGTF II's largest third-party investor, following a USD 2 billion commitment made during COP28.
Its participation in BGTF II and the Evren transaction demonstrates its ability to attract and mobilise institutional capital to both developed markets and the Global South, reinforcing its role as a key investor in global clean energy markets. The investment not only accelerates India's clean energy transition but also highlights Alterra's progress since launch and its ambition to make an even greater impact in 2025.