Meed | Alcazar Energy $490m fund reaches closing

Alcazar Energy $490m fund reaches closing

24 May 2024

Luxembourg-registered Alcazar Energy Partners (AEP)-II, a sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, has reached a final closing of $490m.

According to Dubai-based renewable energy developer Alcazar Energy Partners (AEP), the fund attracted capital from investors in North America, Europe, the Middle East and Asia.

These include eight additional investors such as the US' International Development Finance Corporation (DFC) since the fund's first closing in November 2022.

AEP said: "These partners… support AEP-II’s strategy to develop over 1.6GW of clean energy projects across select emerging markets that once operational will mitigate over 3 million tonnes of greenhouse gas emissions a year while generating long-term employment opportunities in the countries in which they operate."

So far, AEP-II has successfully acquired the project rights for its first two wind farms with a total capacity of 456MW in the Western Balkans

In 2021, China Three Gorges, whose shareholders included the International Finance Corporation and the Silk Road Fund, acquired AEP-I's portfolios.

In the Middle East and North Africa region, Alcazar Energy's projects include two wind farms and a solar power plant in Maan, Jordan, and four solar schemes across Egypt, with a total operational capacity of 411MW.

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Jennifer Aguinaldo