The UAE’s $30 billion private climate investment fund Altérra, via its Altérra Acceleration Fund, committed €50 million ($56.3 million) to Absolute Energy, an Italian developer of small to medium-scale solar projects.
American infrastructure-focused private equity firm I Squared Capital, which acquired a 95% stake in Absolute Energy in 2023, was a co-investor in the deal.
The funding will support the development of 1.4 megawatts of solar and battery storage projects, as part of a larger 6 megawatt pipeline. I Squared Capital’s Sadek Wahba said the two investors shared a “commitment to deploying capital with urgency and impact.”
Capital mobilization
Altérra invests in large-scale projects via its $25 billion acceleration fund and provides risk mitigation capital for emerging markets via its $5 billion transformation fund. It has committed $6.5 billion since its launch at COP28 in 2023, either directly or via various climate transition funds managed by TPG, Brookfield and BlackRock.
Its investments span wind, solar, battery storage and waste management projects in India, South Korea, Sri Lanka, France, Australia, the UK and other countries.
Altérra also partnered with the Global Energy Alliance for People And Planet or GEAPP and the Rockefeller Foundation last year, to mobilize public, private and philanthropic capital for clean energy transition projects in emerging markets.
