The top climate-oriented investment platform, ALTÉRRA, and the global bank, BBVA, have signed a strategic partnership agreement, with BBVA to invest up to $250 million as a proposed strategic limited partner (LP) in a climate-based co-investment vehicle that ALTÉRRA plans to establish, subject to regulatory approvals.
Upon its approval, the fund will be based in Abu Dhabi Global Market (ADGM) and will integrate current co-investments of ALTÉRRA Acceleration into a specific structure managed by ALTÉRRA. The fund intends to mobilize funds for climate-compatible infrastructure, private equity, and private credit.
ALTÉRRA’s Chairman, Dr Sultan Al Jaber, said, “The 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 strengthens global collaboration in clean energy, sustainable infrastructure, and technology investments, allowing us to continue to back high-quality opportunities delivering long-term value.”
Chair of BBVA, Carlos Torres Vila, stated, “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.”
The ALTÉRRA Opportunity Fund will have a global-focused diversified strategy focusing on energy transition, industrial decarbonization, climate technology, and sustainable living. Its portfolio will serve North America, Latin America, and Europe, among other growth markets.
BBVA, which has had a representative office in Abu Dhabi since 2013, has recently been granted in-principle authorization by the Financial Services Regulatory Authority of the ADGM to establish a branch in the emirate, enabling it to deepen its wholesale banking services and increase its assistance to corporate and institutional clients in the area.
BBVA is enhancing its association with one of the most influential investors in the Middle East and its sustainability goals by becoming an anchor investor in a new climate fund created by ALTÉRRA.
The bank targets to channel EUR700 billion into sustainable business between 2025 and 2029, after early achievement of its previous EUR300 billion.
Besides the $250 million investment in ALTÉRRA, BBVA has also made an investment of about EUR300m in climate funds based on decarbonization as part of its continued global climate strategy. Thus, Dr Al Jaber and Vila announced their partnership at the Abu Dhabi Sustainability Week.
