UAE’s Altérra to Invest $57 Million in Absolute Energy for Solar and Battery Projects in Italy
Abu Dhabi’s climate investment fund, Altérra, has promised to invest \$57 million (€50 million) in Italy’s Absolute Energy. The money will come from Altérra’s Acceleration Fund and will help support solar and battery storage projects in Italy with a total capacity of 1.4 gigawatts (GW).
Clean Energy Investment
A new investment with I Squared Capital focuses on small to medium solar energy projects. These projects benefit from good government rules, according to a statement on Tuesday.
Altérra, the fund behind the investment, has plans for more than 6 gigawatts (GW) of clean energy, making it an important player in Italy’s push for clean energy. The current plan is to build 1.4GW, which could reduce up to 380,000 tons of carbon dioxide every year.
Altérra started in 2023 with $30 billion. So far, it has invested $6.5 billion mostly through climate-related funds run by companies like BlackRock, Brookfield, and TPG.
Before this, Altérra put $100 million each into Indian renewable energy company Evren and French company Neoen.
The CEO of Altérra, Majid Al Suwaidi, told Reuters this is the fund’s third quick joint investment.
Energy Security in Italy
Italy wants to add 46GW of new solar power by 2030. This will help the country reach its goal of net-zero emissions, improve energy security, and reduce its need to import energy. Italy has a lot of sunlight and strong support for solar power, making it a key country in Europe’s energy change.
Italy and the UAE are working with Albania on a clean energy project. This project will connect Albania’s Vlora to Italy’s Puglia by an underwater cable. The UAE is investing and sharing expertise to help improve energy security and sustainability in the region.
UAE Climate Fund
The UAE started a climate fund during the UN climate summit COP28. The goal is to raise $250 billion by 2030 to support the global shift to clean energy.
The fund has two parts: a $25 billion Acceleration Fund for big net-zero projects, and a $5 billion Transformation Fund to help smaller markets get funding.
Sultan Al Jaber, the fund’s chairman and UAE minister of industry and advanced technology, said last year at New York Climate Week that Altérra is actively investing and bringing in more investors to support renewable energy projects.
Published: 5th June 2025
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