Altira, one of the largest private investment funds dedicated to climate finance globally, has announced a new partnership with BBVA, a leading global financial institution. Under this collaboration, BBVA will commit to investing $250 million as a proposed strategic partner in a joint climate investment fund that Altira plans to establish, subject to obtaining the necessary regulatory approvals.
This partnership highlights BBVA’s recognition of Altira’s distinctive strategy and its interest in its investment capabilities. It further aligns with the bank’s goals and aspirations to enhance its sustainable finance strategy while expanding its growing interest in the Middle East region.
After the fund is launched and receives the required approvals, it will be headquartered in the Abu Dhabi Global Market (ADGM) and will integrate existing joint investments within the Altira Acceleration platform, managed by Altira. This marks a pivotal step in transitioning the fund to a new phase of growth.
The Altira Opportunities Fund will adopt a diversified global investment strategy, which includes infrastructure projects aligned with climate goals, private equity investments, and private credit.
This strategy reflects Altira’s investment approach, aiming for substantial risk-adjusted returns while delivering a positive climate impact in both developed and emerging markets.
The fund will focus on investing in climate-related projects in areas such as energy transition, industrial carbon emissions reduction, climate technologies, and sustainable living patterns, covering geographic regions including North America, Latin America, Europe, and other emerging markets.
The strategic partnership was announced by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Altira Fund, alongside Carlos Torres Vila, Chairman of BBVA, during the Abu Dhabi Sustainability Week.
Dr. Sultan Ahmed Al Jaber stated, “This fund represents a significant milestone in Altira’s journey as we enter a new phase of growth and enhance our ability to mobilize global capital toward impactful investments. Our partnership with BBVA is a qualitative step in strengthening international cooperation in clean energy, sustainable infrastructure, and technology investments, enabling us to continue supporting valuable opportunities with long-term benefits.”
Carlos Torres Vila remarked, “This partnership aligns with BBVA’s strategy to make sustainability a core pillar of qualitative growth globally. As we seek to enhance our presence in rapidly growing climate finance hubs like Abu Dhabi, we see Altira as a long-term strategic partner capable of mobilizing capital at scale. This collaboration reflects our strong confidence in their climate strategy and track record of achievements.”
BBVA has established a solid presence in Abu Dhabi through its representative office, established in 2013, reflecting the bank’s keen interest in the Middle East as a strategic region for its corporate banking and investment services.
With the rising importance of the region in global markets and its accelerating economic transformation, it has become a central focus of BBVA’s strategy to support clients with a global presence.
This interest has recently gained momentum with the bank having received preliminary approval from the Financial Services Regulatory Authority in ADGM to open a new branch in Abu Dhabi. This will enable BBVA to expand its range of comprehensive banking services in the region and enhance its ability to serve corporate clients locally while connecting them to the extensive capabilities of BBVA’s international network.
By joining as a strategic partner in Altira’s new climate fund, BBVA deepens its relationship with one of the most influential investors in the Middle East and supports the bank’s strategy to bolster its presence and visibility in the region, achieving its ambitions in sustainability.
The bank aims to direct €700 billion towards sustainable projects from 2025 to 2029, after successfully meeting its previous target of €300 billion a year ahead of schedule.
In addition to the $250 million investment in Altira, the bank has already invested around €300 million in climate-focused funds aimed at emission reduction, forming part of its ongoing global climate strategy.