ALTERRA, a climate-focused investment fund backed by the United Arab Emirates, has invested Rs 8.3 Bn (approximately $100 Mn) into Mumbai-based renewable energy platform Evren. The investment will support the development and construction of up to 11 gigawatts (GW) of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh.

This marks the first direct investment into the Global South by ALTERRA, made through its ALTERRA Acceleration Fund. The fund was launched at the 28th Conference of the Parties (COP28) with a $30 Bn commitment from the United Arab Emirates, aiming to mobilise $250 Bn globally by 2030 for climate financing.

Evren is backed by Brookfield’s Global Transition Fund II. The platform recently signed a power purchase agreement with NTPC Limited to supply 300 megawatts of renewable power.

According to ALTERRA, the investment reflects its mission to catalyse capital into scalable, high-impact climate solutions while supporting India’s energy security and economic growth. Brookfield Asset Management, which manages over $ one trillion globally, is a key strategic partner in Evren’s expansion.

India is targeting 500 GW of non-fossil fuel capacity by 2030 and currently has 269.82 GW installed, as per Central Electricity Authority data.

Source:Press Trust of India (PTI)