Altérra heads to Latin America, Aliph makes an acquisition in KSA, and Northslope plants its flag in Abu Dhabi

Altérra's Latin America debut

UAE-backed climate investment vehicle Altérra partnered with international infrastructure investor I Squared Capital to invest in Peru's biggest independent power producer, according to a statement. The size of the investment in Inkia Energy was not disclosed.

What's the asset? Inkia operates 2.6 GW of generation capacity (roughly a quarter of Peru's electricity supply) and has a 4 GW renewables pipeline, including around 1 GW of near-term solar and wind projects. The investment will support the expansion of the company's renewable energy business.

Why it matters: This marks Altérra's first direct investment in Latin America. The investment was made through Altérra's Opportunity Fund, a USD 1.2 bn co-investment vehicle launched earlier this year with Spain's BBVA targeting climate investments across North America, Latin America, and Europe, which the UAE has said could help unlock USD 250 bn of climate finance by 2030.

This is also Altérra's second co-investment alongside I Squared Capital, following an investment in Italy's Absolute Energy last year.

Aliph adds a healthcare education asset in KSA

ADGM-based private equity firm Aliph Capital is wagering on Saudi healthcare education, completing a strategic investment in Al Rayan Medical Colleges in Madinah, according to a statement (pdf). The investment will fund partnerships with international universities, infrastructure and digital upgrades, and new health specializations. The financial terms were not disclosed.

REMEMBER- Aliph closed its debut USD 200 mn fund last year and said it would target GCC investments across healthcare, as well as infrastructure services, education, and consumer sectors, with cheque sizes ranging from USD 15-40 mn.

Former Palantir staff are planting a flag in Abu Dhabi

US AI firm Northslope has opened its first Gulf office in Abu Dhabi after seeing “strong early demand” from organizations across the region, UAE managing partner Harvey Young (LinkedIn) told The National. Young will lead regional customer work, partnerships, and business development, while the company is hiring more forward-deployed roles locally to use in organizations’ workflows.

Northslope? Founded by former Palantir employees in 2024, the company builds custom AI software for clients across logistics, asset management, energy, manufacturing, and aerospace, with its tools running on Palantir’s operating system. The company first had earlier set up a six-person engineering team in the country, then raised USD 22 mn in April.