Image: Getty Images/ For illustrative purposes
ALTÉRRA, the leading private investment platform for climate finance, and global bank BBVA have inked a strategic partnership, under which BBVA will commit $250m as a proposed strategic limited partner (LP) to a climate-focused co-investment vehicle ALTÉRRA intends to launch, subject to regulatory approvals.
The fund, once approved, will be domiciled in Abu Dhabi Global Market (ADGM) and consolidate existing co-investments from ALTÉRRA Acceleration into a dedicated structure managed by ALTÉRRA.
The fund aims to mobilise capital for climate-aligned infrastructure, private equity, and private credit.
“The fund marks a new chapter for ALTÉRRA as we move into our next stage of growth and deepen our ability to mobilise and deploy global capital toward high-impact investments,” said Dr Sultan Al Jaber, ALTÉRRA’s chairman. “Our partnership with BBVA strengthens global collaboration in clean energy, sustainable infrastructure and technology investments, allowing us to continue to back high-quality opportunities delivering long-term value.”
Carlos Torres Vila, chair of BBVA, said the collaboration “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.”
ALTÉRRA Opportunity Fund to pursue a diversified strategy
The ALTÉRRA Opportunity Fund will pursue a diversified global strategy, investing in energy transition, industrial decarbonisation, climate technology, and sustainable living. Its portfolio will target North America, Latin America, Europe, and other growth markets.
BBVA, which has maintained a representative office in Abu Dhabi since 2013, recently received in-principle approval from ADGM’s Financial Services Regulatory Authority to open a branch in the emirate, allowing it to expand its wholesale banking services and strengthen its support for corporate and institutional clients in the region.
By becoming an anchor investor in ALTÉRRA’s new climate fund, BBVA is deepening its relationship with one of the Middle East’s most influential investors and advancing its sustainability ambitions.
The bank aims to channel EUR700bn into sustainable business between 2025 and 2029, following early achievement of its previous EUR300bn target.
In addition to the $250m commitment in ALTÉRRA, BBVA has invested approximately EUR300m in climate funds focused on decarbonisation as part of its ongoing global climate strategy.
The partnership was announced during Abu Dhabi Sustainability Week by Dr Al Jaber and Vila.
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