ALTERRA, Brookfield invest $100 mn invests in clean energy platform Evren
, the world's largest private climate investment vehicle, has made its debut investment in India.
ALTERRA has made a co-investment of $100 million into Indian renewable energy company, Evren, along with
Brookfield
Asset Management, said a press release.
The investment is being made via the ALTERRA Acceleration Fund, and it is ALTERRA's first direct investment into the Global South.
This investment will support the development and construction of up to 11GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh, contributing to India's 500GW renewable target by 2030, it said.
By working with domestic manufacturers for wind turbines and solar modules, Evren is not only accelerating the deployment of renewables but also supporting supply chain resilience and economic growth, it added.
'ALTERRA'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 and unlocking investable opportunities," said H.E. Majid Al Suwaidi, CEO of ALTERRA.
"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," said Connor Teskey, President of Brookfield Asset Management.
Evren is one the latest investments from Brookfield's Global Transition Fund II (BGTF II).
ALTERRA is BGTF II's largest third-party investor, following a $2 billion commitment made during COP28.
The strong demand for renewable energy, potentially translating to a $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, states the press release.
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