A consortium of companies led by China Three Gorges South Asia Investment has bought Alcazar Energy, a renewable energy developer that operates across the Middle East and North Africa, and it is backed by Mubadala Investment Company, according to media reports.
Three Gorges’ acquisition of Alcazar energy’s portfolio of seven wind and solar projects across Jordan and Egypt with a total generation capacity of 411 megawatts will provide Chinese investors a larger access to the MENA region, which, in turn, will help expand their presence in the region.
Although the terms of the deal were not disclosed to the media, Alcazar Energy’s investors include BluStone Management and Dash Ventures, the World Bank’s International Finance Corporation, the IFC’s Catalyst Funds, Mubadala Infrastructure Partners and the company’s management team.
Alcazar Energy’s CEO Daniel Calderon said in a statement, “We are proud of what we have achieved … with the support of our investors, lenders and local governments over the past six years. Our plants have helped develop the renewable energy industry in Jordan and Egypt, powering 275,000 households and saving over 15.6 million tonnes of carbon dioxide, while also making a strong contribution to economic growth and employment, particularly within the local communities.”
It is estimated by experts that 157 gigawatts of renewable energy capacity will be added to the sector and $175 billion will be invested in the next ten years. In the past, UAE, Saudi Arabia, Jordan, Egypt, Morocco and Oman have developed various solar projects and showcase some of the world’s biggest initiatives when it comes to clean energy.