Alterra, the UAE's $30 billion climate fund, is investing in a fund managed by Copenhagen Infrastructure Partners (CIP) to support the expansion of renewable energy use globally.
Alterra will support CIP's Growth Markets Fund II, which focuses on large-scale greenfield renewable energy projects across Asia, Latin America, Europe, the Middle East and Africa, Abu Dhabi-based Alterra said in a statement on Wednesday.
The size of the investment was not disclosed.
Growth Markets Fund II – which CIP says is set to be one of the world’s largest greenfield-focused renewable energy funds – was launched in December 2023 with a $3 billion target size. It is focused on 15 markets including India, Mexico, the Philippines, South Africa and Vietnam.
Those target markets, through GMF II, are expected to account for about 40 per cent of global solar and wind capacity by 2050, based on demographics, economic growth and rising electricity demand, the statement said.
“Alterra's investment supports the transition to more resilient, low-carbon energy systems and with it, emissions reductions,” said Karim Radwan, partner and head of investments at Alterra.
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“It also reflects our commitment to backing partners with the scale and expertise … GMF II is well positioned to accelerate access to clean, affordable energy in high-growth markets,” Mr Radwan said.
Alterra was launched in December 2023 at the UAE-hosted Cop28 climate conferenc
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