UAE-backed climate vehicle Alterra climate fund is investing USD 100 mn in Indian renewable energy firm Evren, according to a press release. The investment, made through Alterra Acceleration Fund, comes alongside Brookfield and other investors, and is Alterra’s first direct investment in the Global South.

Where the money is going: The investment will help develop and construct up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh in India. It will also support Evren’s collaboration with local manufacturers on wind turbines and solar modules.

A breakthrough? The fund was struggling to deploy capital, amid what CEO Majid Al Suwaidi identified as a lack of viable projects in the energy transition space. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less.

REFRESHER- The UAE-backed USD 30 bn vehicle was unveiled two years ago at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It announced plans last year to direct an additional USD 200 bn to climate investments, and said that it will increase its focus on co-investments and direct investments, capping returns to attract external investors.

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