- Allianz Global Investors and EIB announce a combined $100 million fund for renewable energy projects.
- The Fund is anticipated to add more than 2GW of new sustainable energy capacity.
Alcazar Energy Partners II, a fund that offers early-stage equity financing for the development, construction, and operation of renewable energy projects in the Middle East, North Africa, Eastern Europe, and Central Asia, has received a $25 million investment from the Emerging Market Climate Action Fund (EMCAF). Parallel to this promise, EIB Global, the EIB Group’s dedicated branch outside of the EU, is contributing $75 million to the Fund.
Alcazar Energy Partners II will invest up to $500 million in onshore wind and solar photovoltaic energy, with additional potential investments in biomass, hydropower, battery-based electricity storage, and other low-carbon technologies. The Fund’s goal size is $1 billion. The Fund is anticipated to add more than 2GW of new sustainable energy capacity and generate 15,000 construction jobs. As a result, 3.2 million tons of greenhouse gas emissions are prevented yearly, and enough renewable energy is produced to power over a million homes.
EMCAF is a cutting-edge blended finance fund that the EIB and Allianz Global Investors (AllianzGI) jointly established to finance environmental projects in Africa, Asia, Latin America, and the Middle East and initiatives for climate mitigation and adaptation. During its summit in Elmau (Germany) in June 2022, the Group of Seven (G7) endorsed EMCAF as an example of a concrete innovative and market-led approach to mobilising private investments for climate-relevant infrastructure enhancing multilateral finance and collaboration.