Alcazar Energy Partners – a Dubai-based, Luxembourg-domiciled sustainable infrastructure fund – has raised $490 million for its second renewable energy fund.
The funding round attracted investors from North America, Europe, the Middle East and Asia, including the European Bank for Reconstruction and Development, US International Development Finance Corp., Asian Infrastructure Investment Bank, and International Finance Corp.
The fund will aim to develop more than 1.6 GW of clean energy projects across select emerging markets. Once operational, the projects are expected to mitigate over 3 million tons of greenhouse gas emissions per year.
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Work has already begun on the fund's portfolio of assets, currently consisting of two wind farms in the western Balkans.
“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,” said Alcazar Energy Partners Managing Partner Daniel Calderon. “With this fund, we are well positioned to continue investing in essential renewable energy projects that advance the energy transition in places that are historically underserved by the traditional investment community.”
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