India's Renewable Energy Target Gets $100M ALTERRA Boost

ALTERRA, the world’s largest private climate investment vehicle, has made its first investment in India—co-investing USD 100 million into renewable energy company Evren, alongside Brookfield Asset Management.

This investment, through the ALTERRA Acceleration Fund, marks its inaugural direct commitment to the Global South. It will support the development of up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh, helping advance India’s target of 500 GW of renewable energy by 2030. The initiative will also boost local supply chains by sourcing from domestic manufacturers of wind turbines and solar modules.

The project is among the latest from Brookfield’s Global Transition Fund II (BGTF II)—with ALTERRA as the fund’s largest third-party investor following a USD 2 billion commitment announced at COP28. With strong backing, Evren is set to play a key role in India’s clean energy transition, delivering both environmental impact and long-term economic value.

Connor Teskey, President of Brookfield Asset Management, commented: “By combining Evren's robust pipeline and Brookfield's operational expertise, we are advancing India’s renewable ambitions while promoting energy security and economic growth.”

News by Rahul Yelligetti.