Dubai renewables company Alcazar Energy Partners acquired by China Three Gorges
Alcazar has been involved in high-profile clean energy projects in Egypt and Jordan
Dubai: Dubai-based Alcazar Energy Partners, which specializes in renewable energy, has been acquired by China Three Gorges South Asia Investment ltd. through a consortium of investors.
AEP’s investor base includes Abu Dhabi wealth fund Mubadala Infrastructure Partners, BluStone Management and DASH Ventures, IFC (which is part of World Bank Group), and IFC’s Catalyst Funds. Senior management at Alcazar are also shareholders.
In about six years, AEP has a portfolio of five solar and two wind projects in Egypt and Jordan, with a total operational capacity of 411 MW. It has played a leading role in the development of the renewable energy industry in Jordan and Egypt. (Since 2014, Alcazar has raised $700 million in debt and equity to "create sustainable socio-economic value for the local communities in its host countries".
Other shareholders include International Finance Corporation, which is part of Washington-based World Bank Group, and the Silk Road Fund.
China Three Gorges is China’s largest clean energy group and the largest hydropower enterprise in the world.
“Our plants have helped develop the renewable energy industry in Jordan and Egypt powering 275,000 households and saving over 15.6 million tons of CO2 whilst also making a strong contribution to economic growth and employment, particularly within the local communities,” said Daniel Calderon, Co-Founder and CEO of Alcazar Energy Partners.
The MENA region’s renewable energy sector is expected to build into a 157 GW of renewable energy capacity with an additional $175 billion expected to be invested in the next 10 years.