In a powerful step toward accelerating clean energy in emerging markets, UAE-backed climate investment platform ALTÉRRA has announced a landmark \$100 million investment in India’s green energy platform, Evren. This strategic move not only reinforces the UAE’s commitment to global sustainability but also significantly boosts India’s pursuit of its ambitious renewable energy goals. The investment, made alongside Brookfield Asset Management through its Global Transition Fund II (BGTF II), is targeted at scaling up to 11 gigawatts (GW) of renewable energy projects across India.
This marks ALTÉRRA’s first direct investment in the Global South since its inception and underscores a new era of climate-focused collaborations between the UAE and South Asia.
A Bold Vision for Climate Finance
ALTÉRRA was established in December 2023 during the United Nations Climate Change Conference (COP28), hosted by the UAE. With an initial commitment of \$30 billion and an overarching ambition to mobilize \$250 billion in private climate capital by 2030, ALTÉRRA is the world’s largest private investment platform dedicated to climate action. The fund is designed to bridge the global climate financing gap, particularly in underfunded regions such as Africa, South Asia, and Latin America.
This new partnership with Evren demonstrates ALTÉRRA’s focus on scalable, economically viable clean energy projects that can drive significant impact. By focusing on high-growth markets like India, ALTÉRRA aims to both reduce emissions and stimulate economic development through infrastructure, innovation, and job creation.
Evren: India’s Rising Renewable Powerhouse
Founded in 2019, Evren is a clean energy platform formed as a joint venture between Brookfield Asset Management and Hyderabad-based Axis Energy. With a core focus on utility-scale solar, wind, and battery storage projects, Evren has already carved a niche for itself as a reliable and innovative player in India’s energy transition.
Currently, Evren is actively developing renewable energy capacity across India’s major clean energy zones, including sun-soaked Rajasthan and wind-rich Andhra Pradesh. With this new capital infusion, the company aims to supercharge its pipeline and contribute directly to India’s national target of achieving 500 GW of non-fossil fuel-based capacity by 2030.
The strategic alignment of Evren’s objectives with ALTÉRRA’s mission sets the stage for transformative outcomes, not only in terms of green energy production but also in promoting energy access, climate resilience, and regional development.
Elevating the India-UAE Clean Energy Partnership
The partnership symbolizes more than just financial investment; it represents a strengthening of bilateral climate cooperation between India and the United Arab Emirates. With climate resilience becoming a central theme of international diplomacy, particularly post-COP28, this move aligns with both nations’ commitment to sustainable development.
India, which is the world’s third-largest emitter of greenhouse gases, has made tremendous strides in clean energy deployment. With over 170 GW of renewable energy capacity already installed and ambitious decarbonization policies in place, it presents fertile ground for climate-aligned investments.
The UAE, in turn, is positioning itself as a leader in green finance through institutions like ALTÉRRA and long-standing global players like Masdar. The latest investment marks a new level of UAE engagement in India’s green transformation story—one that could inspire further capital inflow into emerging markets.
Catalyzing Large-Scale Green Development
The \$100 million investment by ALTÉRRA is earmarked to expand up to 11 GW of solar, wind, and battery storage capacity across India. This scale of development is poised to significantly influence India’s grid stability, reduce dependency on fossil fuels, and contribute to the creation of thousands of green jobs.
Equally important is the emphasis on local procurement. Evren plans to collaborate with Indian manufacturers for wind turbines, solar modules, and other clean energy components, strengthening domestic supply chains and boosting the government’s ‘Make in India’ initiative. This holistic development model combines clean power generation with industrial upliftment, making the investment doubly impactful.
Voices from the Leadership
Top executives from all three stakeholders—ALTÉRRA, Brookfield, and Axis Energy—expressed optimism and determination about the future of this initiative.
H.E. Majid Al Suwaidi, CEO of ALTÉRRA, emphasized the deal’s symbolic and practical relevance:
“ALTÉRRA’s investment in Evren is a powerful demonstration of our mission in action—catalyzing 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 while unlocking investable opportunities.”
Connor Teskey, President of Brookfield Asset Management, echoed similar sentiments:
“Brookfield is proud to deepen its commitment to India’s energy future. With our global expertise and Evren’s local presence, this investment will help India reach its renewable goals and contribute to decarbonizing one of the world’s largest energy markets.”
Sri Murali Surapaneni, CEO of Axis Energy, noted the strategic significance of the collaboration:
“This milestone is a testament to the robust potential of our collaboration and the growing confidence in India’s renewable energy sector. With this new investment, we are poised to accelerate the development of vital solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh.”
Long-Term Impact on India’s Clean Energy Ecosystem
The clean energy landscape in India is evolving at a rapid pace, with policy reforms, public-private partnerships, and green financing mechanisms driving momentum. The ALTÉRRA-Evren investment is expected to further energize this ecosystem by setting benchmarks for climate-aligned capital deployment.
This initiative also aligns with India’s updated Nationally Determined Contributions (NDCs) under the Paris Agreement, which aim to reduce the country’s emission intensity by 45% by 2030 and generate 50% of total energy from non-fossil fuel sources.
Moreover, the partnership sends a strong signal to the global financial community about the bankability of renewable projects in emerging markets. It demonstrates that investments in clean infrastructure are no longer just environmental imperatives—they are commercially sound and economically transformative.
ALTÉRRA’s Broader Mission and Future Plans
For ALTÉRRA, this \$100 million is just the beginning. The fund’s broader mission includes investing in mitigation, adaptation, and climate-resilient infrastructure worldwide. In addition to India, ALTÉRRA is exploring opportunities across Southeast Asia, Sub-Saharan Africa, and Latin America.
With its headquarters in Abu Dhabi, ALTÉRRA also aims to serve as a knowledge hub, connecting policy-makers, investors, and entrepreneurs to advance climate innovation. The platform is expected to lead not just in capital allocation but also in thought leadership and technical assistance.
Its investment philosophy is rooted in de-risking climate projects through blended finance models, encouraging more institutional investors to participate in global climate solutions.
Conclusion: A Milestone in Climate Collaboration
The \$100 million investment by ALTÉRRA into Evren marks a defining moment in climate cooperation between the UAE and India. More than just a financial transaction, it reflects a united front in the fight against climate change, powered by shared goals, strategic partnerships, and long-term vision.
As global temperatures rise and energy demands grow, such collaborations offer a blueprint for meaningful climate action—action that delivers not just environmental benefits, but also economic opportunity and regional prosperity. With ALTÉRRA and Evren leading the way, the transition to a low-carbon future in South Asia just received a massive boost.
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