Alterra, the world's largest private climate investment fund, has made its inaugural co-investment, pledging USD 100 million to Evren, an Indian renewable energy company. This investment, which also includes contributions from Brookfield Asset Management, aims to develop and construct up to 11 GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh. This move aligns with India's ambitious goal of achieving 500 GW of renewable energy capacity by 2030. Alterra's co-investment is a key step in advancing the global energy transition, particularly in emerging markets like India.
Alterra Makes Strategic Move in India’s Renewable Energy Market
Alterra, a private climate investment firm renowned for its expansive reach in the global renewable energy sector, has announced its first-ever co-investment in the Global South. The firm has committed USD 100 million to Evren, a rapidly growing renewable energy development platform in India. This landmark investment, made through the Alterra Acceleration Fund, aims to drive the expansion of renewable energy in India, a country with one of the most ambitious energy targets in the world.
The partnership with Evren, which is focused on wind, solar, and battery storage projects, is crucial for helping India meet its goal of generating 500 GW of renewable energy by 2030. The funds raised will support the construction and development of up to 11 gigawatts (GW) of clean energy capacity, strategically located in the states of Rajasthan and Andhra Pradesh—two regions well-suited for large-scale renewable energy projects.
India's Growing Demand for Clean Energy
India's position as the world's fastest-growing major economy in 2024, with a projected GDP growth rate of 6.5%, has created a massive surge in energy demand. To meet this demand sustainably, the country is rapidly expanding its renewable energy capacity. Industry experts predict that India will require an estimated USD 300 billion in investment by 2030 to fulfill its renewable energy aspirations, which include both large-scale infrastructure projects and the development of advanced energy storage solutions.
The country’s focus on renewable energy is further bolstered by recent regulatory reforms, which aim to create a more favorable environment for investors in the sector. As a result, India's renewable energy sector has become increasingly attractive to global investors, including those like Alterra, which are committed to fostering sustainable growth while also addressing climate change.
Evren’s Role in India’s Clean Energy Future
Evren, with its focus on wind, solar, and battery storage, is playing a pivotal role in accelerating India’s transition to clean energy. The company’s rapid expansion is fueled by its collaboration with domestic manufacturers of wind turbines and solar modules. By partnering with local producers, Evren is strengthening India's supply chain resilience while contributing to the country’s economic growth.
The company’s large-scale projects are expected to generate significant employment opportunities and stimulate economic development in the regions where these projects are located. Moreover, Evren's contribution to India's renewable energy infrastructure is seen as an essential piece of the puzzle in helping the country achieve its long-term energy goals.
Alterra’s Investment Strategy: A Focus on Impactful Climate Initiatives
Alterra’s investment in Evren is more than just a financial commitment; it is part of the firm’s broader mission to catalyze scalable and impactful climate solutions. According to Majid Al Suwaidi, CEO of Alterra, this co-investment demonstrates the company’s dedication to financing projects that are not only economically viable but also environmentally transformative. By deploying capital into India’s fast-growing economy, Alterra is supporting the creation of reliable, affordable energy while unlocking a wealth of investable opportunities in the clean energy sector.
Al Suwaidi emphasized that Alterra’s mission is not solely about financing projects, but about reshaping global investment practices to focus on sustainability and resilience. The firm is positioning itself as a critical player in accelerating the global energy transition, especially in emerging markets like India, where the need for clean energy infrastructure is acute.
Brookfield’s Commitment to Global Energy Transition
Brookfield Asset Management, a prominent player in the global investment landscape, also participated in the co-investment through its Global Transition Fund II (BGTF II). Connor Teskey, President of Brookfield, highlighted that the partnership with Alterra and Evren marks a significant step in accelerating the global energy transition. By combining Evren’s substantial development pipeline with Brookfield’s extensive operational expertise, the collaboration is expected to drive economic growth and energy security not just in India, but globally.
Brookfield’s involvement in this investment is part of its broader strategy to deploy smart, high-impact capital into projects that have the potential to transform the energy landscape. The firm’s commitment to the renewable energy sector is demonstrated by its ongoing capital-raising efforts for BGTF II, which continues to attract institutional capital to fund transformative energy projects around the world.
A Key Step in Alterra’s Growing Influence in Global Clean Energy
Alterra’s co-investment in Evren is also a significant milestone for the firm’s role as a key investor in global clean energy markets. The firm’s participation in BGTF II and its subsequent investment in Evren underscore its ability to mobilize institutional capital to drive substantial change in both developed and emerging markets.
By focusing on high-impact clean energy projects, Alterra is helping to accelerate the transition to renewable energy in regions like India, where energy demand is soaring. This investment is a clear demonstration of Alterra’s growing influence in the clean energy sector and its ambition to make a lasting impact in 2025 and beyond.
Looking Ahead: The Future of Clean Energy Investments in India
With Alterra’s investment in Evren and the continued support from Brookfield, India’s renewable energy sector is poised for significant growth. As the country strives to meet its 500 GW renewable energy target by 2030, collaborations like these will play a central role in shaping the future of clean energy in India and beyond.
The investment in Evren also highlights the importance of combining technological innovation with large-scale infrastructure projects to meet the world’s growing energy demands. As India accelerates its transition to renewable energy, the country will likely continue to attract global investors who see the immense potential in its clean energy future.
For Alterra, this co-investment represents just the beginning of its commitment to financing scalable climate solutions in emerging markets. As the company continues to expand its global footprint, it will be interesting to see how its investments in clean energy shape the future of the industry and contribute to the broader fight against climate change.
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