Our Story
Our first investment vehicle, Alcazar Energy Partners – I (AEP-I), was established in 2014 by a highly qualified group of professionals with in-depth knowledge in renewable energy from an investment, project finance and technical perspective.
By 2018, AEP-I had created the largest independent renewable energy project portfolio in the Middle East & North Africa (MENA) region at the time. This included Five solar photovoltaic (PV) and two onshore wind projects across Jordan and Egypt and a total generation capacity of 411 MW.
In 2021, Alcazar Energy concluded a successful exit of its portfolio in AEP-I through an auction, which received strong market interest from a highly diversified group of bidders. The exit culminated in a landmark acquisition led by China Three Gorges, in consortium with two Chinese sovereign investment funds, enabling the entry of a leading global energy investor into the MENA region.
After the successful exit of Alcazar Energy Partners-I (AEP-I), Alcazar Energy launched its second vehicle, Alcazar Energy Partners II SLP (SCSp) (AEP-II), a Luxemburg domiciled sustainable infrastructure fund. AEP-II was established with a vision to drive continued economic, environmental, and social impact through diligently vetted, optimised and bankable renewable energy projects across selected emerging markets.
Our Track Record
In just under seven years, Alcazar Energy established, built, and exited the AEP-I platform, demonstrating its best-in-class investment, project financing, development, contracting and operating capabilities
AEP-I’s Key Environmental & Social Benefits
- Created over 4,200 jobs during construction, of which 80% were in-country
- Generated enough clean energy to power over 275,000 households per year
- Prevented over 445,000 tonnes of greenhouse gas emissions per year
- Saved over 800,000 m3 of water per year
- Offset over 8.5 million MMBTUS per year to local governments
- Allocated over USD 15m for the life of the assets to social development and investment programs for the local communities
USD 711m Funds Raised
- USD 240m in equity. Investors included IFC & AMC (World Bank companies), Mubadala Infrastructure Partners, Blu Stone Management and Dash Ventures
- USD 471m in project finance by 13 institutions
7 Transactions | 2 Platforms
- 7 projects selected out of 400+ projects screened
- Built the largest RE independent platforms in Jordan and Egypt at the time (by installed capacity)
411 MW in generation capacity
- 5 solar PV assets
- 2 onshore wind assets
All Investments Fully Realised
- Funds committed ~ 1.3 years from fundraising
- Funds called within ~ 2.0 years from fundraising
- Exit 6 years after initial fundraising
Key Operational Achievements
- All projects started construction on time, achieved Commercial Operational Date (COD) within Power Purchase Agreement (PPA) deadlines and within budget
- All projects developed & delivered above approved base case IRR and by exit had operational performance above P50 base case
- Played an active role in developing the renewable energy sector for Jordan and Egypt
- Structured and raised the largest private renewable energy project finance portfolio in the region backed by leading international DFIs
- The wind and solar PV assets in Jordan were the first to reach COD as part of Round One Feed-In-Tariff (“FIT”) scheme
- Two solar PV assets were the first out of 30 to achieve COD as part of the Round II 1.465GW Benban Solar Park in Egypt
Fundraising (USD)
Investments
2014
Q1 2014
Alcazar Energy incorporated
Q1 2014
Alcazar Energy incorporated
2015
Q1 2015
First Close: 55m
Gaia Energy
BluStone
Dash Ventures
Q2 2015
AEES1 qualify.
Greenfield
Q3 2015
Second Close: 50m
IFC
AMC
(World Bank Companies)
2016
Q1 2016
Al Rajef SPA. Acquision at
Adv. Dev.
Q1 2016
Third Close: 55m
Mubadala (MIP)
GW (BluStone / Dash Ventures
Q3 2016
Shobak SPA
Acquisition at Early dev.
Q4 2016
Board Approval to Fund raise
(USD 350m-400m) *
2017
Q2 2017
Delta SPA,
Acquisition Early Dev
Q2 2017
Final Close:80m
All Investors
Total: 240m
Q3 2017
Horus & Aten,
Rights purchase,
Greenfield
2018
Q3 2018
Al Rajef COD
Q3 2018
Decision to focus on exit
2019
Q1 2019
AEES 1 & Delta COD
Q2 2019
Aten and Horus COD
2020
Jan 2020
Mandated SCB as M&A advisor
Oct 2020
Launched M&A Process
Q4 2020
Shobak COD
2021
April 2021
Signed SPA with CSAIL
August 2021
Fulfilled SPA CPs (closing payment)
2022
January 2022
Final payment by CSAIL
From our early days Alcazar Energy had the vision to build a 1 GW portfolio of renewable energy by bringing disciplined project equity to selected emerging markets…
Our disciplined approach to development, financing, construction, and operations; aligned with high compliance standards and a tremendous passion to make a difference in the countries where we operate, is what gives us our strategic advantage. ==