UAE’s Altérra enters Latin America with Peru investment

Altérra, the UAE’s $30 billion climate investment fund, has invested in Inkia Energy, Peru’s largest independent power producer, as it seeks to expand its global portfolio.

This is Altérra’s first direct investment in Latin America, completed through a fund managed by US private equity firm I Squared Capital and the Canada Pension Plan Investment Board, the company said in a statement.

No financial details were disclosed.

Based in Lima, Inkia operates 2.6 gigawatts of generation capacity, providing almost a quarter of Peru’s electricity supply. The power producer has a 4 GW renewables pipeline, including a near-term 1 GW expansion in solar and wind projects.

The Inkia investment is Altérra’s second investment with I Squared, after Absolute Energy, an Italian solar and battery storage producer, in June 2025.

Majid Al Suwaidi, CEO of Altérra, said that mobilising long-term capital into growth markets is essential to accelerating the global climate transition.

“Peru has significant renewable potential and the investment reflects our continued focus on backing scalable transition infrastructure in high-growth markets,” he said.

In January the UAE company announced plans to launch a $1.2 billion co-investment vehicle with Spanish bank BBVA to provide sustainable financing in advanced and emerging markets.

Altérra, headquartered in the Abu Dhabi Global Market, was announced at 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 Al Suwaidi said the company aims to mobilise $250 billion in private capital investment by 2030.

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