Alcazar Energy Partners – a Dubai-based, Luxembourg-based 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 in selected emerging markets. Once operational, the projects are expected to reduce greenhouse gas emissions by more than 3 million tons per year.
Work has already started on the fund’s asset portfolio, which currently consists of two wind farms in the western Balkans.
“Such a fundraising, in otherwise challenging market conditions, is a tremendous 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 sustainable energy projects that advance energy transition in places historically underserved by the traditional investment community.”
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