ALTÉRRA co-invests $100m in Indian clean energy platform Evren

ALTÉRRA, the world’s largest private climate investment vehicle, has made its first co-investment, committing $100m to Indian renewable energy firm Evren.

The move, made alongside Brookfield Asset Management and other investors, aims to accelerate clean energy deployment in one of the fastest-growing major economies.

The investment was made through the ALTÉRRA Acceleration Fund and marks the fund’s first direct investment into the Global South.

It will support the development of approximately 11 gigawatts (GW) of solar, wind, and battery storage projects across the Indian states of Rajasthan and Andhra Pradesh.

The projects are expected to contribute significantly to India’s national target of achieving 500GW of renewable energy capacity by 2030.

Evren: A key company supporting India’s energy transition

Evren, a key player in India’s energy transition, is focusing on strengthening the country’s clean energy ecosystem. The company works with domestic manufacturers for wind turbines and solar modules, supporting supply chain resilience and local economic development.

India, projected to grow at around 6.5 per cent GDP in 2024, is pushing to meet its surging energy demand through clean sources.

The transition is expected to require as much as $300bn in investment by 2030, driven by economic expansion, technological advancements in energy storage, and favorable regulatory reforms aimed at improving the renewable energy investment climate.

“ALTÉRRA’s investment in Evren is a powerful demonstration of our mission in action — catalysing capital into tangible, scalable, and economically compelling climate initiatives,” said Majid Al Suwaidi, CEO of ALTÉRRA. “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.”

Connor Teskey, president of Brookfield Asset Management, welcomed the co-investment: “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.”

ALTÉRRA, Brookfield investments

Evren is among the latest investments from Brookfield’s Global Transition Fund II (BGTF II), which is still raising capital following a record $15bn in its first vintage. ALTÉRRA committed $2bn to BGTF II during COP28, becoming its largest third-party investor.

The Evren transaction reflects ALTÉRRA’s strategy of mobilising institutional capital into both developed and emerging markets and underscores its expanding role in the global clean energy landscape.

The investment highlights ALTÉRRA’s progress since its launch and signals its ambition to scale up impact in 2025.