Renewables

Alcazar Energy Partners reaches final close of USD 490 million for renewables fund

Alcazar Energy Partners final close USD 490 million renewables fund

Photo: Alcazar Energy

Published

May 21, 2024

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Published:

May 21, 2024

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Alcazar Energy Partners II SLP-SCSp (AEP-II), a Luxembourg-domiciled sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, has reached a final closing of USD 490 million, attracting capital from investors in North America, Europe, the Middle East and Asia.

Since first closing in November 2022, Alcazar Energy’s fund has attracted eight additional top-tier investors such as the United States International Development Finance Corporation (DFC). The new partners join a strong group of private and public investors, 80% of whom have AA or AAA ratings, the announcement adds.

AEP-II aims to develop 1.6 GW, mobilize USD 2 billion

The strategy of Alcazar Energy Partners II SLP-SCSp (AEP-II) is to develop over 1.6 GW of clean energy projects across select emerging markets that, once operational, will mitigate over three million tonnes of greenhouse gas emissions per year while generating long-term employment opportunities in the countries in which it operates.

SLP stands for special limited partnership, while in Luxembourg, where the fund is domiciled, the acronym is SCSp.

The fund has acquired the project rights for its first two wind farms in the Western Balkans, totaling 456 MW. Its goal is to mobilize USD 2 billion of foreign direct investment including project finance.

Alcazar Energy sold AEP-I in 2021

Alcazar Energy said its strong track record in investing in and developing renewable energy projects, its emerging markets expertise and the commitment to best practices in environmental, social, and corporate governance (ESG) contributed to the fundraising process for AEP-II.

It follows the acquisition in 2021 of AEP-I’s portfolios by China Three Gorges South Asia Investment, a subsidiary of China Three Gorges. Shareholders included the International Finance Corporation and the Silk Road Fund.

“We are excited to announce the final close of AEP-II, welcoming blue-chip public and private infrastructure investors. Such a fundraising effort, in otherwise challenging market conditions, is a huge endorsement of the strength of our offering and a vote of confidence in our ability to lead the development of clean energy projects in emerging markets. 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,” Co-Founder & Managing Partner Daniel Calderon said. He was a speaker at last week’s Belgrade Energy Forum 2024 in Serbia’s capital.

Alcazar Energy’s advisory team is based in Dubai. AEP-II brought together investors from North America, Europe, the Middle East and Asia.

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