ALTÉRRA and BBVA forge strategic partnership backed by $250 million commitment to new Climate Fund

• ALTÉRRA announces plans for a new $1.2bn climate co-investment vehicle with BBVA as proposed strategic LP.

• BBVA commits $250m to the partnership reflecting the bank’s ambitions in the sustainable finance space and the expansion of its regional and international footprint.

• The initiative accelerates ALTÉRRA’s ambition to mobilize third-party capital at scale and expand its global network of institutional collaborators.

Abu Dhabi, 15 January 2026 – ALTÉRRA, one of the world’s largest private investment vehicles for climate finance, and BBVA, a leading global financial institution announced a new partnership, with BBVA committing $250 million as a proposed strategic LP to a climate co-investment vehicle that ALTÉRRA intends to launch subject to regulatory approvals. This partnership reflects BBVA’s recognition of and interest in ALTÉRRA’s differentiated strategy and capabilities and supports BBVA’s goals and aspiration to advance its sustainable finance strategy and its growing interest in the Middle East.

The Fund once launched and approved will be domiciled in ADGM^[1] and consolidates existing co-investments from ALTÉRRA Acceleration into a dedicated structure managed by ALTÉRRA and represents a pivotal step in ALTÉRRA’s transition into its next phase of growth.

ALTÉRRA Opportunity Fund will pursue a diversified global investment strategy across climate-aligned infrastructure, private equity and private credit. The strategy reflects ALTÉRRA’s investment approach seeking superior risk-adjusted returns and positive climate impact in both advanced and emerging markets. The Fund will invest in Climate investments across Energy Transition, Industrial Decarbonization, Climate Tech and Sustainable Living. Its scope will include North America, Latin America and Europe in addition to other Growth Markets.  

HE Dr Sultan Al Jaber, Chairman of ALTÉRRA and Carlos Torres Vila, Chair of BBVA, announced the strategic partnership during Abu Dhabi Sustainability Week.

HE Dr Sultan Al Jaber, Chairman of ALTÉRRA commented:

“This fund marks a new chapter for ALTÉRRA as we move into our next stage of growth and deepen our ability to mobilize and deploy global capital toward high-impact investments. Our partnership with BBVA marks an important step in strengthening global collaboration in clean energy, sustainable infrastructure and technology investments, allowing us to continue to back high-quality opportunities delivering long-term value.”

Carlos Torres Vila, Chair of BBVA stated:

“This partnership aligns with BBVA’s strategy to make sustainability a key driver of differential growth globally and to deepen our presence in fast-growing climate finance hubs such as Abu Dhabi. We see ALTÉRRA as a long-term partner to mobilize capital at scale, and this partnership reflects our confidence in their climate-focused strategy and track record.”

BBVA has maintained a long-standing presence in Abu Dhabi through its Representative Office, established in 2013, reflecting the bank’s interest in the Middle East as a strategic region for its Corporate & Investment Banking activity. The region’s growing importance in global markets and its economic transformation make it an important area for BBVA as it seeks to accompany institutional clients and corporations with a global footprint. This interest has now taken a significant step forward with the recent In-Principle Approval granted by ADGM’s Financial Services Regulatory Authority for the opening of a new BBVA branch in Abu Dhabi that will enable the bank to expand its wholesale banking offering in the region and strengthen its ability to serve corporate and institutional clients locally, connecting them with the capabilities of BBVA’s international network.

By becoming an anchor investor in ALTÉRRA’s new climate fund, BBVA deepens its relationship with one of the Middle East’s most influential investors, supporting the bank’s strategy to broaden its presence and visibility in the region and deliver on its sustainability ambitions.

BBVA aims to channel €700 billion in sustainable business between 2025 and 2029, after having met its previous €300 billion target one year in advance. In addition to this $250 million investment in Alterra, the bank has so far invested approximately €300 million in climate funds focused on decarbonization, as part of its ongoing global climate strategy.

About ALTÉRRA

ALTÉRRA is one of the world’s largest private investment vehicles for climate finance. Launched at COP28 with a US$30 billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize US$250 billion globally by 2030 to finance the new climate economy and accelerate the climate transition.

ALTÉRRA’s dual-arm structure enhances its impact: the US$25 billion Acceleration Fund directs capital towards projects crucial for accelerating the global transition to a net-zero and climate-resilient economy at scale. The US$5 billion Transformation Fund incentivizes investment flows in high-growth climate opportunities in underserved markets by providing catalytic capital.

Alterra Management Limited is duly licensed and authorized by the ADGM Financial Services Regulatory Authority under the Financial Services Permission No. 200001.

About BBVA

BBVA is a global financial services group founded in 1857. The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In the United States, BBVA also has a significant investment, transactional, and capital markets banking business.

BBVA contributes with its activity to the progress and welfare of all its stakeholders: shareholders, clients, employees, providers and society in general. In this regard, BBVA supports families, entrepreneurs and companies in their plans, and helps them to take advantage of the opportunities provided by innovation and technology. Likewise, BBVA offers its customers a unique value proposition, leveraged on technology and data, helping them improve their financial health with personalized information on financial decision-making.

^[1] ADGM: Abu Dhabi Global Marke