The Altara Fund is invested in the Indian Enerine Energy Energy platform
Abu Dhabi, April 29/ WAM/ The Altara Fund, the largest private investment tool in the world, announced today, its first joint investments worth $ 100 million in favor of the Indian company Evern, specialized in the field of renewable energy, with the aim of accelerating the frequency of clean energy projects in cooperation with Brockefield Asset Management Company and other investors.
This investment is implemented through the Altara Excellence Fund, which is the first direct investment carried out by Altara in the global southern countries.
This investment supports the development and implementation of a group of renewable energy projects with a total capacity of 11 GW, and includes the construction of solar energy and wind energy and storage in batteries in the states of Rajastan and Andra Pradesh, which contributes to supporting India’s efforts to increase its production capacity of renewable energy to reach 500 GW by 2030.
Evern plays a pivotal role in developing and expanding the renewable energy sector in India, as part of its endeavor to achieve national goals and enhance the clean energy system in the company. The platform is cooperating with a group of local manufacturers of wind turbine and solar energy units, with the aim of enhancing the spread of renewable energy, increasing the flexibility of local supply chains and advancing economic growth.
India seeks to meet the increasing demand for energy by adopting clean energy sources, to consolidate its leading position as the fastest major growth in the world for the year 2024, with a expected growth rate of GDP of about 6.5%.
The increasing demand for renewable energy requires the provision of investments of up to 300 billion US dollars by 2030, and this is attributed not only to the acceleration of economic growth, but for qualitative developments in energy storage technologies, great infrastructure expansion, and government efforts to enhance the attractiveness of the investment environment in renewable energy through a set of stimulating regulatory measures
On this occasion, His Excellency Majid Al Suwaidi, CEO of Altara Fund, said that the investment of the fund at Evern is an effective and effective step in the framework of the Fund’s vision to stimulate the flow of capital towards practical, growing climate initiatives and is able to achieve economic returns.
He added that the Fund’s strategic investments in the Indian economy are quick to grow, confirm the possibility and the need to shift to reliable and affordable sources of clean energy, pointing out that the fund’s message is not limited to financing projects, but rather to reshape the global investment scene, by focusing on providing innovative and effective solutions that contribute to building a more flexible and sustainable future.
For his part, Connor Tesky, President of Brockefield Asset Management Company, said that the investment of the Altra Fund in Evern is an important station that confirms its firm commitment to accelerate the transformation in the field of energy worldwide, pointing to work to combine the great momentum of Evern projects and the extensive experience of Brookfield in the field of operations, which contributes to achieving the ambitious goals of India in the field of renewable energy and strengthens Economic development levels and energy security.
Investment in Evern is one of the latest projects in which the second fund is invested in the Brokesfeld Global Funds Series, which continues to raise funds after its success in collecting $ 15 billion during its first session.
The Altara Fund is the largest external investor in the second fund, after announcing during the COP28 Conference on its commitment to investing two billion US dollars.
The participation of the Altara Fund, the active fund in the second fund and the investment in Evern, confirms its exceptional ability to attract huge institutional investments, which enhances its position as one of the most prominent investors in the global clean energy markets.
This investment is not limited to pushing the wheel of the transformation towards clean energy in India, but also contributes to highlighting the pioneering position that the Alrara fund has reached since its launch; It also reflects the fund’s ambitions in achieving greater achievements in 2025.
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