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(Bloomberg) — A $30 billion fund backed by the United Arab Emirates has committed to invest in KKR & Co. Inc’s global climate transition fund.
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Alterra, an Abu Dhabi-based investment vehicle that operates as a fund of funds, is overseen by the UAE and focused on clean energy investments. The vehicle, which has already announced deals with BlackRock Inc., Brookfield Asset Management Ltd. and TPG Inc., said in a statement on Tuesday the partnership with KKR is part of its commitment to invest in real assets that can accelerate decarbonization.
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Details of the size of the financial commitment weren’t included in the statement.
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Introduced at the COP28 climate summit in Dubai in 2023, Alterra is designed to enable blended finance by making it more appealing for private finance to back the energy transition through the use of de-risking structures. The UAE has said the model has the potential to unleash $250 billion of climate finance by 2030, much of which will be channeled into developing markets.
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Growing demand for energy and an increased focus on the security of energy supply, as well as the increasing cost competitiveness of clean technologies, are driving investor demand for infrastructure across electrification, grid resilience and industrial decarbonization, Alterra said. KKR’s climate transition strategy invests in a number of companies that play into those themes from renewables, to energy storage and sustainable fuels, according to the statement.
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The strategy is managed by KKR’s Charlie Gailliot and Emmanuel Lagarrigue.
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