Private climate investment vehicle ALTÉRRA will invest $100 million (~₹8.52 billion) in the India-based renewable energy company Evren.

The funds will be utilized to develop and construct up to ~11 GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh.

Evren is a joint venture between Axis Energy Ventures India and Brookfield Asset Management. It aims to develop 6 GW of renewable energy assets in India in the next two-three years.

ALTÉRRA will complete the transaction alongside Brookfield Global Transition Fund II and other investors.

ALTÉRRA is also Brookfield Global Transition Fund II’s largest third-party investor.

ALTÉRRA was launched at COP28 with a $30 billion (~₹2.55 trillion) commitment from the United Arab Emirates. It aims to mobilize $250 billion (~₹21.3 trillion) globally by 2030 towards the climate economy and transition.

The company is supported by the $25 billion (~₹2.13 trillion) Acceleration Fund, which aims to develop projects to accelerate the global transition to a net-zero and climate-resilient economy at scale. ALTÉRRA is also supported by the $5 billion (~₹426 billion) Transformation Fund, which works towards investment flows in high-growth climate opportunities in underserved markets by providing catalytic capital.

Brookfield Asset Management has over $1 trillion (~₹85.2 trillion) of assets under management in the renewable power and transition sector.

In March 2025,global alternative asset management firm TPG acquired a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. The transaction was the first investment from TGP’s Global South Initiative, a private equity strategy launched in partnership with ALTÉRRA.

Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter (Q1) of 2025, a 41% year-over-year decrease from $8.2 billion raised in 42 deals. However, funding increased 20% quarter-over-quarter (QoQ) compared to $4 billion raised in 40 deals in Q4 2024. In Q1 2025, the solar sector’s global venture capital funding was $1.4 billion in 14 deals, a 237% YoY increase from $406 million raised in 13 deals. Compared to Q4 2024, the funding rose 40% QoQ from $1 billion raised in 21 deals.