Dubai renewables firm Alcazar raises $337 million from investors

Alcazar Energy Partners, a Dubai-based wind and solar developer, has raised $337 million from investors including the European Investment Bank as it looks to develop clean-energy projects across emerging markets.

The money was raised for a fund named Alcazar Energy Partners II, which has a final target size of $500 million and a hard cap of $650 million, according to a statement from the company.

There were eight investors in total, also including the European Bank for Reconstruction and Development and the Asian Infrastructure Investment Bank.

Since 2014, Alcazar's first funding vehicle has invested $240 million of equity in solar and wind farms in Egypt and Jordan. Alcazar was bought last year by a group led by Chinese state power firm China Three Gorges Corp.