Evren Accelerates Renewable Push with $100 Million Investment from ALTRRA
Deal News | Apr 29, 2025 | Zawya
ALTRRA and Brookfield Asset Management have announced a significant co-investment in the Indian renewable energy company Evren. With its first direct investment into the Global South, ALTRRA has committed $100 million as part of its Acceleration Fund to support the expansion of up to 11GW of renewable energy projects in India including solar, wind, and battery storage. Evren's operation is key to India's goal of meeting its 500GW renewable capacity target by 2030. This initiative aligns with India's economic growth projections and its demand for renewable energy, which anticipates a $300 billion investment requirement by 2030. The investment showcases ALTRRA's strategy to drive climate financing into underserved markets while also promoting economic resilience and growth in India. Brookfield's involvement through its Global Transition Fund II further underscores the significance of this partnership in advancing global clean energy transitions.
Sectors
- Renewable Energy
- Private Equity
- Infrastructure
Geography
- India – Evren, the target company for investment, is based in India, where the renewable energy projects are set to take place.
- United Arab Emirates – ALTRRA, the investing entity, is backed by the UAE with significant financial commitments highlighted in the article.
- United States – Brookfield Asset Management, involved in the investment, is headquartered in New York, USA.
Industry
- Renewable Energy – The article centers around investments in renewable energy platforms like solar, wind, and battery storage, reinforcing clean energy solutions.
- Private Equity – The involvement of ALTRRA and Brookfield, both key participants in private equity and investment sectors, indicates significant private financial involvement in renewable projects.
- Infrastructure – The development of large-scale energy infrastructure in India is a prominent aspect of the investment discussed in the article.
Financials
- $100 million – The initial investment amount committed by ALTRRA into Evren as part of the Acceleration Fund.
- $300 billion – The estimated investment requirement by 2030 for India's renewable energy sector due to increased energy demands.
- $15 billion – The capital raised by Brookfield's Global Transition Fund II in its first round, highlighting its capacity for significant renewable energy investments.
- $30 billion – The total commitment made by ALTRRA from the UAE for global climate finance initiatives, of which this investment is a part.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ALTRRA | Investor | Company | ALTRRA is the world's largest private climate investment vehicle, focusing on steering capital into climate impactful projects, with a significant commitment to renewable energy investments. |
| Brookfield Asset Management | Co-investor | Company | A leading global alternative asset manager, involved in renewable energy through its Global Transition Fund II, actively investing in sustainable energy initiatives. |
| Evren | Target Company | Company | An Indian renewable energy platform focused on developing solar, wind, and battery storage projects to meet national renewable energy capacity goals. |
| Alterra Management Limited | Licensee | Company | Licensed under the ADGM Financial Services Regulatory Authority, managing ALTRRA's investments. |
| Government of India | Regulator | Government | India's government is setting ambitious targets for renewable energy capacity and has enacted regulatory measures to encourage clean energy investments. |