Altérra commits $56.9m to support Absolute Energy’s Italian projects

Altérra has announced a €50m ($56.9m) commitment to Absolute Energy, aimed at bolstering Italy’s renewable energy capacity.

The investment, channelled through the Altérra Acceleration Fund, is part of a co-investment with I Squared Capital and is expected to expedite the development of a 1.4GW project pipeline across Italy.

Absolute Energy is at the forefront of Italy’s renewable energy sector, focusing on the swift development of small to medium-scale solar projects.

The initial 1.4GW of solar and battery storage capacity, along with a broader 6GW pipeline, positions Absolute Energy to become an independent power producer (IPP) in Italy’s energy transition.

The 1.4GW pipeline could avoid annual CO₂ equivalent emissions of up to 380,000 metric tons.

The initiative aligns with Italy’s ambitious national target to add 46GW of new solar capacity by 2030.

Altérra CEO HE Majid Al Suwaidi commented: “We are excited to support Absolute Energy as it enters its next phase of growth. With a strong pipeline and deep sector expertise, the company will help drive Italy’s clean energy future. ALTERRA invests to accelerate the climate transition through innovative approaches and partnerships.

“In working with a global leader like I Squared Capital with their strong track record in platform building and investing in renewables, this investment further demonstrates how ALTERRA works with partners to invest at scale to accelerate impact across key markets.”

Altérra was born from COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change. COP28 took place in Dubai, in the United Arab Emirates (UAE), from 30 November to 13 December 2023.

Launched with a $30bn commitment from the UAE, Altérra emerged in 2023 as the world’s largest climate investment fund, designed to gather $250bn for climate action by 2030.

In April 2025, Altérra announced its inaugural co-investment, injecting $100m into Indian renewable energy firm, Evren, to accelerate the expansion of clean energy alongside Brookfield Asset Management and other investors.