BBVA and Altérra, one of the world’s largest private investment vehicles in climate finance, have announced a partnership through which BBVA commits to invest $250 million as a strategic investor in a climate co-investment vehicle that Altérra plans to launch, subject to the necessary regulatory approvals. This alliance reflects BBVA’s recognition of, and interest in, Altérra’s distinctive strategy and capabilities, and supports the bank’s ambition to advance its sustainable finance strategy and growing interest in the Middle East.
Once launched and approved, the fund will be domiciled in the ADGM² and will consolidate Altérra Acceleration³’s existing co-investments into a dedicated structure managed by Altérra, marking a decisive step in its transition to the next phase of growth.
The fund, called Altérra Opportunity, will pursue a globally diversified investment strategy in climate-aligned infrastructure through private equity and private credit. The strategy reflects an investment approach focused on delivering superior risk-adjusted returns and positive climate impact across both developed and emerging markets. The fund will target climate-related investments ranging from energy transition and industrial decarbonization to climate technology and sustainable lifestyles. Its geographic scope will include North America, Latin America, and Europe, in addition to high-growth markets.
H.E. Dr. Sultan Al Jaber, Chairman of Altérra, and Carlos Torres Vila, Chairman of BBVA, announced the strategic alliance during Abu Dhabi Sustainability Week, which concludes today, January 15, in the capital of the United Arab Emirates.
“This fund marks a new chapter for Altérra as we move into our next phase of growth and deepen our ability to mobilize and deploy global capital into high-impact investments. Our alliance with BBVA represents a major step forward in strengthening global collaboration on clean energy, sustainable infrastructure, and technology investments, enabling us to continue supporting high-quality opportunities and delivering long-term value,” said Al Jaber.
“This alliance is fully aligned with BBVA’s strategy of making sustainability a key driver of differentiated global growth and of expanding our presence in fast-growing climate finance hubs like Abu Dhabi. We see Altérra as a long-term partner in mobilizing large-scale capital, and this alliance reflects our confidence in their track record and climate-focused strategy,” added Torres Vila.
BBVA has maintained a longstanding presence in Abu Dhabi through its representative office, established in 2013, demonstrating the bank’s interest in the Middle East as a strategic region for its corporate and investment banking activities. The region’s growing role in global markets and its economic transformation make it a key area for BBVA, which aims to support institutional and corporate clients with an international footprint. This interest has advanced significantly with the recent initial approval granted by the ADGM Financial Services Regulatory Authority to open a new BBVA branch in Abu Dhabi. This will allow the bank to expand its wholesale banking offering in the region and enhance its service to local corporate and institutional clients, while connecting them to BBVA’s global network.
By becoming a strategic investor in Altérra’s new climate fund, BBVA strengthens its relationship with one of the Middle East’s most influential investors, supporting the bank’s strategy to expand its presence and visibility in the region and fulfill its sustainability goals. In addition to this $250 million (€213 million) investment in Altérra, the bank has already invested approximately €300 million in climate funds focused on decarbonization, as part of its broader global climate strategy.
BBVA has set a target to mobilize €700 billion in sustainable business between 2025 and 2029, after having reached its previous goal of €300 billion one year ahead of schedule.
