China Three Gorges acquires projects totalling 411MW from Alcazar Energy

The Chinese state backed project will see China Three Gorges grow its international presence further. Image: China Three Gorges

China Three Gorges South Asia Investment has wholly acquired Dubai-based Alcazar Energy Partners’ portfolios in Egypt and Jordan, totalling 411MW.

A subsidiary of China Three Gorges Corporation, the investment group led the acquisition along with “other consortium members”. It has not provided any financial details, but Bloomberg had previously reported such a deal could value Alcazar at roughly US$1 billion, including debt.

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Alcazar owns five solar and two wind projects in Egypt and Jordan with a total operational capacity of 411MW. It was established in 2014 and has raised over US$700 million in debt and equity.

French investment bank Natixis, its affiliates Vermilion Partners and EFG Hermes acted as Three Gorges’ financial advisors in the deal. Standard Chartered was Alcazar’s exclusive financial counsellor. The purchase will see the Chinese company develop a presence in the Middle East and North African region, while last year it also acquired a 500MW portfolio in Spain.

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