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Alcazar Energy Partners secured a USD 490 mn final close on its renewable energy fund, Alcazar Energy Partners II, the company said in a press release. The fund’s clean energy investments will assist emerging markets in offsetting over 3 mn tonnes of greenhouse gas emissions annually.
Who pitched in? The renewables fund received backing from eight additional leading investors, including the US International Development Finance Corporation, Alcazar said. Other development financial institution investors include the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank and Allianz, Reuters reports.
About the fund: To date, the fund has acquired two wind farms in the Western Balkans with a total capacity of 456 MW. This includes a 118 MW wind farm in Montenegro purchased in September, as part of the fund’s plan to develop 1.6 GW of clean energy across various markets.
What was said: “…With this fund, we are well positioned to continue investing in essential renewable energy projects that advance the energy transition in places that are historically underserved by the traditional investment community,” Alcazar’s managing partner Daniel Calderon said.
Background: Alcazar reached the first close for the fund in 2022, securing USD 336.6 mn to invest in developing a portfolio of 2 GW worth of renewable energy projects across emerging markets. Alcazar Energy Partners I — the first fund by Alcazar — was launched in 2014 and raised a total of USD 240 mn to invest in equity for solar and wind energy projects with up to USD 700 mn poured into solar and wind farms in Egypt and Jordan. The first fund’s portfolio was acquired in 2021 by Chinese energy firm China Three Gorges Corporation.
