Today's Edition
ABU DHABI (ALETIHAD)
ALTÉRRA, the UAE’s $30 billion climate investment vehicle, has announced a €50 million commitment via the ALTÉRRA Acceleration Fund to Absolute Energy, a forward-thinking Italian renewable energy platform.
The co-investment, made alongside global infrastructure investment manager I Squared Capital, aims to fast-track the development of an initial 1.4GW active pipeline of projects across Italy.
Absolute Energy is focused on the swift deployment of multiple commercially viable small to medium-scale solar projects throughout the country.
Through this initial phase — comprising 1.4GW of solar and battery storage capacity — and with a broader development pipeline exceeding 6GW, Absolute Energy is positioned to become a next-generation Independent Power Producer (IPP), advancing Italy’s decarbonisation and energy independence objectives.
ALTÉRRA estimates that the 1.4GW pipeline could eliminate up to 380,000 metric tonnes of carbon dioxide equivalent (CO₂e) emissions annually.
Italy has set a national target of adding 46GW of new solar capacity by 2030 in support of its net-zero ambitions. With high solar irradiation levels and favourable policy support, the country presents a compelling opportunity for expanding solar infrastructure.
Majid Al Suwaidi, CEO of ALTÉRRA, said: “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. ALTÉRRA 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 ALTÉRRA works with partners to invest at scale to accelerate impact across key markets.”
Sadek Wahba, Chairman and Managing Partner of I Squared Capital, added: “We are proud to welcome ALTÉRRA as a strategic partner in Absolute Energy. Their investment underscores the strength of the platform and the scale of the opportunity in accelerating Italy’s energy transition. ALTÉRRA brings deep climate focus and ambition, and we share their commitment to deploying capital with urgency and impact. This partnership is a powerful endorsement of Absolute Energy’s innovative model and I Squared’s long-standing approach to building transformational infrastructure businesses in critical sectors around the world.”
