UAE-backed climate investment platform ALTÉRRA announced today plans to create a new $1.2 billion climate co-investment fund, launching with Spanish bank BBVA as a proposed strategic LP, targeting climate-aligned infrastructure, private equity and private credit investments globally.
As part of the new partnership, BBVA announced a commitment of $250 million to the new ALTÉRRA Opportunity Fund.
ALTÉRRA was established in December 2023, with a $30 billion commitment from the UAE, and with a goal to mobilize $250 billion by 2030, aimed at driving private capital towards climate investments, and on improving access to climate finance in emerging markets. At launch, the fund established ALTÉRRA Acceleration, a $25 billion vehicle to act as an anchor investor and co-investor in climate strategies to help steer institutional capital towards climate investments at scale that support the net zero transition and climate resilience.
As part of the new proposed launch, which is subject to regulatory approvals, the new fund will consolidate existing co-investments from ALTÉRRA Acceleration into a dedicated structure managed by ALTÉRRA.
The new fund will invest across themes including energy transition, industrial decarbonization, climate tech and sustainable living, and across a wide range of regions including North America, Latin America and Europe, in addition to other growth markets.
ALTÉRRA Chairman H.E. Dr. Sultan Al Jaber said:
“This fund marks a new chapter for ALTÉRRA as we move into our next stage of growth and deepen our ability to mobilize and deploy global capital toward high-impact investments. Our partnership with BBVA marks an important step in strengthening global collaboration in clean energy, sustainable infrastructure and technology investments, allowing us to continue to back high-quality opportunities delivering long-term value.”
According to BBVA, the launch of the new partnership will support its goal to advance its sustainable finance strategy and its growing interest in the Middle East, as it looks to expand its regional and international footprint. BBVA launched a new goal in 2025 to channel €700 billion in sustainable finance between 2025 – 2029, focused primarily on climate change and natural capital, including water, agriculture and circular economy, as well as the promotion and financing of social initiatives.
Carlos Torres Vila, Chair of BBVA said:
“This partnership aligns with BBVA’s strategy to make sustainability a key driver of differential growth globally and to deepen our presence in fast-growing climate finance hubs such as Abu Dhabi. We see ALTÉRRA as a long-term partner to mobilize capital at scale, and this partnership reflects our confidence in their climate-focused strategy and track record.”
