The UAE’s Altérra, one of the world’s biggest private climate funds, plans to launch a $1.2 billion co-investment vehicle with Spanish bank BBVA to provide sustainable financing in advanced and emerging markets.
BBVA has committed $250 million to the new Altérra Opportunity Fund, the two companies said in a joint statement.
The fund will make climate-aligned investments across infrastructure, private equity and private credit, with a focus on investments across energy transition, industrial decarbonisation, climate tech and sustainable living in North America, Latin America, Europe and other growth markets.
The fund, once launched and approved, will be domiciled in the Abu Dhabi Global Market free zone. It will also consolidate existing co-investments from the Altérra Acceleration Fund into a dedicated structure managed by the Emirati company.
“The initiative accelerates Altérra’s ambition to mobilise third-party capital at scale and expand its global network of institutional collaborators,” the statement said.
Carlos Torres Vila, chair of BBVA, said the bank sees Altérra as a long-term partner to mobilise capital at scale, which will deepen its presence in fast-growing climate finance hubs such as Abu Dhabi.
In December, Altérra announced investments in a fund managed by Denmark-headquartered Copenhagen Infrastructure Partners to support the development of large-scale renewable projects globally.
Altérra, headquartered in Abu Dhabi Global Market, was announced during the UN climate summit in 2023. The fund launched in partnership with US-based BlackRock and TPG, as well as Canada’s Brookfield.
In February 2024, Altérra’s chief executive Majid Al Suwaidi said the company aimed to catalyse the investment of $250 billion of private capital by 2030.


