en.Wedoany.com Reported - Altérra, together with global infrastructure management firm I Squared Capital, announced a joint investment in Inkia Energy, Peru's largest independent power producer, to support its renewable energy business expansion. This marks Altérra's first direct investment in Latin America, executed through a continuation vehicle managed by I Squared, utilizing a structure jointly controlled by I Squared and the Canada Pension Plan Investment Board (CPP Investments).

According to Altérra, the joint investment was made through its recently launched Opportunity Fund and joins a diversified portfolio of over 30 investments across developed and growth markets, with an associated renewable energy project pipeline of nearly 100 GW.

Lima-based Inkia operates 2.6 GW of installed power generation capacity, accounting for approximately one-quarter of Peru's electricity supply. The company holds a 4 GW renewable energy portfolio, including around 1 GW of near-term expansion projects (solar and wind). This announcement follows a transaction disclosed in February, in which CPP Investments agreed to acquire a 50% stake in Inkia Energy at an enterprise valuation of $3.4 billion, with the remaining 50% held by a continuation vehicle led by I Squared Capital.

Inkia operates through its subsidiaries Kallpa Generación and Orazul Energy Perú, with businesses spanning thermal and hydroelectric power, and a growth project portfolio in wind, solar, natural gas, and battery energy storage systems. In September 2025, Kallpa Generación announced the issuance of $700 million in bonds on international markets, a transaction aimed at the early refinancing of its $650 million Kallpa 2027 bonds.

Altérra believes that Peru's electricity demand growth, driven by mining activities, industrial expansion, and infrastructure development, combined with adjustments in reserve capacity margins, creates a favorable environment for new power generation investment. Altérra CEO Majid Al Suwaidi stated that channeling long-term capital into growth markets is crucial for accelerating the global climate transition, and that investing in gigawatt-scale energy platforms like Inkia Energy not only expands renewable power generation but also supports more resilient power systems and fosters long-term economic development.

I Squared Capital Chairman and Managing Partner Sadek Wahba noted that Altérra's participation is a recognition of Inkia's development as an energy platform in Peru, which is ready to execute a gigawatt-scale renewable energy plan to decarbonize Peru's power system and meet growing demand. The investment in Inkia is the second joint investment between Altérra and I Squared, following Altérra's participation in Absolute Energy, an Italian solar and battery storage platform with an initial project pipeline of 1.4 GW.

Launched at COP28, Altérra secured a $30 billion commitment from the UAE, with a target to mobilize $250 billion globally for climate economy financing by 2030.

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