Alcazar Energy Partners II reaches US$336.6m first close

Alcazar Energy Partners II (AEP II), a sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, has reached the first closure of US$336.6 million. The fund will finance projects in the Middle East, North Africa, Eastern Europe, and Central Asia.

The transaction will enable the development of over 2 GW of clean energy infrastructure in select emerging markets, with the goal of achieving total generation equivalent to powering over 1 million households and reducing greenhouse gas emissions by approximately 3.2 million tons.

The commitments include US$25 million from the Emerging Markets Climate Action Fund (EMCAF) established by the European Investment Bank (EIB) and Allianz Global Investors, in addition to US$75 million from EIB Global. Other investors include International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB), KfW Group, French Financial Development Institution (Proparco), and Dutch Entrepreneurial Development Bank (FMO).