Alcazar Energy Partners has completed financing for its second renewable energy fund for a total amount of $490 million. It aims to deliver over 1.6 GW of clean energy projects in selected emerging markets, including the Western Balkans.

Alcazar energy partners – sustainable infrastructure fund based in Dubai and Luxembourg – raised $490 million for its second renewable energy fund.

The financing 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 implement clean energy projects with a capacity of over 1.6 GW in selected emerging markets. Once operational, the projects are expected to reduce greenhouse gas emissions by more than 3 million tonnes per year.

Work has already started on the fund’s asset portfolio, which currently includes two wind farms in the western Balkans.

“This fundraising effort, in otherwise challenging market conditions, is a tremendous validation 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 Daniel, managing partner of Alcazar Energy Partners Calderona. “With this fund, we are well-positioned to continue investing in essential renewable energy projects that accelerate the energy transition in places that have historically been undervalued by the traditional investment community.”

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