Alcazar hits first close for renewables fund

Alcazar Energy Partners II has received backing from a group of European institutional investors.

  • Fund name: Alcazar Energy Partners II
  • Fund size: $336.6 million
  • Target size: $500 million
  • Hard-cap: $650 million
  • Launch date: February 2022

Alcazar Energy Partners II, a sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, has closed its first round of fundraising on $336.6 million, according to a press release from the Dubai-based investment firm.

Alcazar Energy is seeking $500 million in institutional investor capital for the core-plus vehicle, with a hard-cap of $650 million. The Fund’s investment thesis focuses on the development of clean energy, specifically the generation of electricity and the reduction of greenhouse gas emissions.

AEP II has secured funding from a strong group of European investors, including $80 million from the European Bank for Reconstruction and Development (EBRD), and further investment from the European Investment Bank (EIB), the Dutch Entrepreneurial Development Bank (more commonly known as FMO) and the French Financial Development Institution (Proparco).