May 8, 2025
Fund

UAE climate fund Altérra backs Brookfield’s Evren in first direct India deal


UAE climate fund Altérra backs Brookfield’s Evren in first direct India deal

Credit: Reuters

Altérra, the UAE-backed $30 billion climate fund, has made its first direct investment in India as it committed $100 million to Evren, a renewable energy platform of Canadian alternative investor Brookfield Asset Management. 

The funding, through Altérra’s Acceleration Fund, is part of a co-investment with Brookfield Asset Management and other investors to advance Evren’s clean energy initiatives, it said in a statement on Tuesday. 

The investment will fund the development of around 11 gigawatts of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh, contributing to India’s goal of 500 GW of renewable energy by 2030. By partnering with local manufacturers for wind turbines and solar modules, Evren aims to strengthen India’s clean energy supply chain and spur economic growth, the statement said.  

Evren is the Brookfield’s India green energy platform that it formed after teaming up with Hyderabad-based Axis Energy in 2023. 

Majid Al Suwaidi, CEO of Altérra, said that the investment in Evren reflects the fund’s commitment to driving capital into scalable climate projects, supporting affordable energy in India’s growing economy, and creating resilient investment opportunities.  

Connor Teskey, president of Brookfield Asset Management, said the partnership with Altérra and Evren advances India’s renewable energy goals while promoting economic growth and energy security through strategic capital deployment.  

The investment aligns with Altérra’s $2 billion commitment to Brookfield’s Global Transition Fund II, reinforcing its focus on mobilizing capital for clean energy in emerging and developed markets, according to the statement. Brookfield, with over $1 trillion in assets under management, enhances Evren’s project pipeline with its operational expertise.  

Launched at COP28, Altérra seeks to mobilize $250 billion for global climate investments by 2030. Its structure includes a $25 billion Acceleration Fund for large-scale net-zero projects and a $5 billion Transformation Fund for high-growth climate opportunities in underserved markets. 



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