United Arab Emirates

United Arab Emirates

China Three Gorges buys Dubai-based wind and solar developer Alcazar Energy

Acquisition of Alcazar Energy Partners includes its portfolio of 411MW of wind and solar capacity in Jordan and Egypt

Alcazar Energy Partners' portfolio includes the 86MW Al Rajef wind farm in Jordan
Alcazar Energy Partners' portfolio includes the 86MW Al Rajef wind farm in Jordan

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Alcazar Energy Partners (AEP), an independent renewable energy company with a portfolio of wind and solar projects in Jordan and Egypt, has been acquired by a consortium led by China Three Gorges South Asia Investment Ltd (CSAIL).

The transaction will allow the China Three Gorges Corporation (CTG) subsidiary to extend its business into the Middle East and North African (MENA) markets. 

AEP’s wind and solar portfolio totals 411MW of generation capacity. The Dubai-headquartered company owns two wind projects in Jordan, the 45MW Shobak Shobak (45MW) OnshoreMa'an Governorate, Jordan, Middle East & Africa Click to see full details and the 86MW Al Rajef Al Rajef (86MW) OnshoreAl-Rajef, Ma'an Governorate, Jordan, Middle East & Africa Click to see full details projects.

“Our established regional footprint, leading technology and operational excellence will provide a solid foundation for CSAIL’s future expansion across the MENA renewable energy market, which is poised for strong growth,” AEP stated.

Renewable energy sources are poised for strong growth in the MENA region, with some estimates pointing to more than 150GW of new capacity attracting up to $175 billion in investment over the next ten years. 

AEP was established in 2014 by Daniel Calderon, previously head of origination and investment management at Masdar and formerly a mergers and acquisitions (M&A) and investment specialist at GE.

“We are proud of what we have achieved at Alcazar Energy Partners with the support of our investors, lenders and local governments over the past six years,” said Calderon. “I am certain that CSAIL will continue to serve our customers in Jordan and Egypt according to the highest industry standards and accelerate the company’s growth journey in the region.”

CSAIL is an investment holding company set up in 2011 by CTG to acquire, develop, build, own and operate renewable power generation projects, primarily in Asia. 

Further acquisition

Meanwhile, CTG’s European arm China Three Gorges Europe (CTGE) has also closed a deal to acquire an operational portfolio of 11 wind farms and a solar PV plant in the Castilla y León region of Spain. The projects have a combined capacity of 450MW.

It had agreed to buy the portfolio from Spanish investment firm Corporación Masaveu and Belgian investors Korys back in February for €500 million.

Exus Management will continue to manage the assets for CTGE.

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