ALTÉRRA Commits €50 Million to Boost Italy’s Solar Ambitions Through Absolute Energy Investment

Representational image. Credit: Canva

In a strategic move to accelerate Europe’s energy transition, ALTÉRRA — the United Arab Emirates’ $30 billion climate investment vehicle — has announced a €50 million commitment to Absolute Energy, an Italian renewable energy developer. The investment is being made via the ALTÉRRA Acceleration Fund and in partnership with I Squared Capital, a global infrastructure investment manager.

The capital infusion will support the development of Absolute Energy’s 1.4GW pipeline of solar and battery storage projects across Italy. With a broader pipeline of over 6GW under development, Absolute Energy is aiming to become a next-generation Independent Power Producer (IPP), playing a key role in Italy’s national decarbonization and energy security strategy.

This co-investment highlights Italy’s growing potential in solar infrastructure development, driven by high solar irradiation levels and a favorable regulatory environment — including streamlined permitting processes and assured grid access.

According to ALTÉRRA, the active 1.4GW portfolio is expected to eliminate up to 380,000 metric tons of CO₂ equivalent emissions annually, directly supporting Italy’s ambition to add 46GW of new solar capacity by 2030.

Majid Al Suwaidi, CEO of ALTÉRRA, emphasized the significance of the deal:

“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.”

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, welcomed the collaboration:

“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.”

Italy’s national solar strategy is aimed at addressing growing power demand, bolstering energy independence, and reducing reliance on imports — all while aligning with the European Union’s broader net-zero agenda.

This announcement marks another key milestone for ALTÉRRA as it deploys capital into climate-positive initiatives worldwide, reinforcing its commitment to driving global decarbonization efforts through strategic co-investments.