BBVA has committed $250 million as a proposed strategic investor for the new vehicle, named the Altérra Opportunity Fund, they said in a joint statement.
The fund will invest in climate-focused projects across energy transition, industrial decarbonization, climate technology, and sustainable living, with a focus on regions such as North America, Latin America, and Europe, as well as "other growth markets," they said without providing further details.
Altérra, established in 2023 by the UAE with $30 billion, aims to mobilize $250 billion globally by 2030. So far, it has primarily invested through climate and transition funds managed by leading global investment firms BlackRock, Brookfield, and TPG.
"The initiative accelerates Altérra's ambition to mobilize third-party capital at scale and expand its global network of institutional partners," the two firms stated in the release.
Once launched and approved, the fund will be domiciled in Abu Dhabi's ADGM financial center. It will consolidate existing co-investments from the Altérra Acceleration Fund into a dedicated structure managed by the Emirati company.
(Reporting by Federico Maccioni; editing by Alexandra Hudson; edited in Spanish by Benjamín Mejías Valencia)
