
At the United Nations COP27 conference, the European Investment Bank (EIB) and AllianzGI have announced the mobilisation of US$100 million to Alcazar Energy Partners II, a fund which facilitates the development, construction and operation of renewable energy projects in the Middle East, North Africa, Eastern Europe and Central Asia.
The EIB and AllianzGI – the global investment arm of the Allianz group – partnered to establish the Emerging Markets Climate Action Fund (EMCAF) at COP26 in Glasgow last year. It’s a blended finance vehicle aiming to mobilise private investment in developing economies. EMCAF will contribute US$25 million to Alcazar, and EIB Global, the arm of the EIB for non-EU funding, will provide US$75 million.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The funds will be invested in solar PV and wind power, totalling an estimated 2GW of capacity.
“To meet the Paris climate goals and strengthen global energy security, the world’s energy systems must decarbonise as soon as possible,” said Ambroise Fayolle, EIB vice president.
“To do this, the financial system needs to mobilise trillions of dollars from private sector green energy projects. I am delighted that we are announcing investments from EMCAF and EIB Global in the Alcazar Energy Partners II Fund today.”
The Alcazar Energy Partners II fund has a target of US$500 million.
Daniel Calderon, co-founder and managing partner of Alcazar Energy, said: “AEP-II is privileged to have the confidence of an outstanding group of public and private institutions to invest and develop in renewable energy projects, mobilising more than US$2 billion of foreign direct investment from OECD economies to build sustainable infrastructure where it is needed most.”
COP27 has seen other announcements regarding funding renewables in emerging economies in the last week. IRENA’s energy transition fund for emerging economies announced three new financial partners last week, and the EIB committed US$413 million to support renewables development in South Africa.