Renewables

Alcazar secures USD 50 million from US DFC for investments in Western Balkans, other markets

alcazar us dfc investment renewables

Photo: Ed White from Pixabay

Published

April 26, 2024

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Published:

April 26, 2024

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Luxembourg-based Alcazar Energy has secured USD 50 million for renewable energy investments in the Middle East, North Africa, Eastern Europe, and Central Asia.

Alcazar Energy has almost 500 MW of wind power projects under development in the Western Balkans.

The United States International Development Finance Corporation (DFC) said it finalized a landmark USD 50 million equity investment in the Alcazar Energy Partners II fund.

“This strategic investment will help channel capital into renewable energy infrastructure projects in emerging markets across the Middle East, North Africa, and Eastern Europe, and Central Asia – boosting power sector resilience and diversifying the energy mix,” DFC said on LinkedIn.

Alcazar’s fund primarily focuses on Egypt, Jordan, Turkey, Montenegro, and North Macedonia

According to DFC’s investment summary, the target size for Alcazar’s fund is USD 500 million.

With a primary focus on developing greenfield photovoltaic and onshore wind assets, the project seeks to provide clean energy solutions to the said regions’ transition away from fossil fuels, the document reads.

Alcazar’s fund primarily focuses on Egypt, Jordan, Turkey, Montenegro, and North Macedonia.

Alcazar Energy said partnering with DFC is a huge vote of confidence in the strength of its sustainable infrastructure expertise from one of the world’s largest public investors in emerging markets infrastructure.

Calderon: The company has acquired 456 MW of wind projects across the Western Balkan region

“We are extremely excited to be partnering with DFC, which has announced a USD 50 million investment into our strategy… Having acquired to date 456 MW of wind projects under development across the Western Balkan region, we remain committed to building the first 1 GW portfolio in a region poised to greatly benefit from the energy transition,” said Daniel Calderon, co-founder and managing partner at Alcazar Energy.

Of note, in September of last year the company took over the Bijela wind farm project in Šavnik in Montenegro, of 118 MW. The investment is estimated at USD 200 million.

Alcazar to participate in Belgrade Energy Forum

Accorting to the company’s website, its first investment vehicle Alcazar Energy Partners – I (AEP-I) was established in 2014.

By 2018, AEP-I created the largest independent renewable energy project portfolio in the Middle East and North Africa (MENA) region at the time. It included five solar and two onshore wind power projects across Jordan and Egypt and a total generation capacity of 411 MW.

After the successful exit of Alcazar Energy Partners-I, Alcazar Energy launched its second vehicle, Alcazar Energy Partners II SLP (SCSp) (AEP-II).

The company has raised USD 711 million, of which USD 240 million in equity and USD 471 million in project finance from 13 institutions. Among its investors it counts the International Finance Corp. (IFC) and IFC Asset Management Co. of the World Bank as well as Mubadala Infrastructure Partners, Blu Stone Management and Dash Ventures.

The company is scheduled to participate in the upcoming Belgrade Energy Forum 2024 on May 13-14 in Serbia’s capital.

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