Track record

In just under seven years, Alcazar Energy established, built, and exited the AEP-I platform, demonstrating its best-in-class project financing, development, contracting and operating capabilities.

The sale was concluded after a successful competitive auction, which received strong market interest from a highly diversified group of bidders (from four continents including pension/insurance backed consortiums, global energy companies, oil majors and other financial as well as strategic investors); culminating in the initial entry of a leading global energy investor into the MENA region.

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

Environmental & Social Benefits

  • Created over 4,200 jobs during the construction phase of which 80% were filled by nationals.
  • Generated enough clean energy to power over 275,000 households per year
  • Prevented over 445,000 tons 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 to social development and investment, mainly on education for our local communities for the life of the assets

Key Operational Achievements

  • All projects started construction on time, achieved COD within 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
  • Jordan assets were the first wind and solar RE assets to reach COD as part of round one of the Feed-In-Tariff (“FIT”)scheme
  • First two solar projects from Round II 1.465GW Solar Park to achieve COD

The portfolio achieved high performance in ESG driven by in-house ISO certified and lenders’ approved management systems resulting in positive contribution towards SDGs.