UAE-backed climate investment platform ALTÉRRA and Brookfield Asset Management (BAM) announced a co-investment of $100 million into Indian clean energy company Evren, aimed at accelerating the development of the company’s 11 GW renewable energy pipeline.

The new investment comes as India continues to scale up its investments in clean energy, with the country aiming to reach 500 GW of installed renewable energy capacity by 2030. India announced a series of 2030 climate commitments in 2022, including a pledge to reduce emissions intensity by 45% and to transition to approximately 50% electric power from non-fossil-based sources.

Launched in 2023 through a joint venture between Brookfield and Axis Energy, Mumbai-based Evren is one of the fastest-growing renewable energy development platforms in India, focused on wind, solar and battery storage, and an initial target to build more than 6 GW of renewable energy assets within the next 2-3 years.

Connor Teskey, President of Brookfield Asset Management, said:

“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 ALTÉRRA exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide.”

ALTÉRRA was established in December 2023, with a $30 billion commitment from the UAE, and with a goal to mobilize $250 billion by 2030, aimed at driving private capital towards climate investments, and on improving access to climate finance in emerging markets, with a particular focus on the Global South. Launch partners in the platform included Brookfield, BlackRock and TPG.

ALTÉRRA is investing in Evren through its ALTÉRRA Acceleration Fund, marking the platform’s first investment into the Global South, with Brookfield investing through its Global Transition Fund II (BGTF II). ALTÉRRA announced a $2 billion commitment into BGTF II in December 2023, and is the fund’s largest third party investor.

ALTÉRRA CEO H.E. Majid Al Suwaidi said:

“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 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.”