Alcazar Energy raised $490m (€451m) at the final close of its second renewable energy fund.
The manager said Alcazar Energy Partners II (AEP-II), a sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, attracted investors from North America, Europe, the Middle East and Asia.
Since its first closing in November 2022, the fund has attracted eight additional investors including the US International Development Finance Corporation.
These partners join investors including the European Investment Bank, EMCAF, a fund managed by AllianzGI, the International Finance Corporation and the Asian Infrastructure Investment Bank.
AEP-II’s strategy is to develop over 1.6GW of clean energy projects across select emerging markets that once operational will mitigate 3m tonnes of carbon emissions per year while generating enough electricity to power over 300,000 households.
Having successfully acquired the project rights for its first two windfarms in the Western Balkans, totalling 456MW, Alcazar Energy said has made “significant progress” in its “aim of becoming a leading investor in the region’s renewable energy sector”.
This follows the sale of AEP-I’s portfolios to China Three Gorges South Asia Investment during the second half of 2021.
Daniel Calderon, co-founder and managing partner of Alcazar Energy, said: “We are excited to announce the final close of our latest fund, 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 currently underserved by the traditional investment community.”
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