UAE's Alterra targets Italian solar as part of $250B green finance drive
The Emirati private investment fund aims to mobilize $250 billion through partnerships in global climate finance annually.
Alterra, the climate fund established by the United Arab Emirates 18 months ago, has made its third investment, amounting to a $50 million capital injection into Italian renewable energy firm Absolute Energy. The deal comes as the fund looks to significantly increase climate investments.
The new co-investment, made alongside US-based infrastructure manager I Squared Capital, will help accelerate the development of an active pipeline of 1.4 gigawatts of solar and battery storage capacity across Italy, Alterra said in a statement Tuesday. The fund estimates the projects could eliminate up to 380,000 metric tons of carbon dioxide emissions annually.
Italy plans to add 46 GW of new solar capacity by 2030 to advance its net zero ambitions and strengthen its energy security.
Why it matters: On Tuesday, Alterra's boss said the fund is looking to significantly scale up investments. CEO Majid Al Suwaidi told Reuters on Tuesday, "We are now transitioning from the first phase of the development of Alterra into a new phase in our work."
