China Three Gorges buys UAE wind, solar developer Alcazar

China Three Gorges South Asia Investment Ltd (CSAIL) has acquired Alcazar Energy Partners, a Dubai-based renewable project developer and power producer with 411 MW of operational wind and solar capacity in its portfolio.

CSAIL has carried out the acquisition together with unnamed consortium partners, the buyer said on Monday without providing financial details. It sees the move as a set that will enable its growth by setting foot in new markets in the wider Middle East and North Africa (MENA) region.

AEP owns five solar photovoltaic (PV) and two wind projects in Egypt and Jordan totalling 411 MW. The company, with regional offices in those two countries, is active in the MENA region. Among its backers are the International Finance Corp (IFC), Mubadala Infrastructure Partners, Mubadala Infrastructure Partners and BluStone Management.

Natixis and its affiliates Vermilion Partners and EFG Hermes acted as CSAIL’s financial advisors in the deal. Standard Chartered was AEP’s exclusive financial counselor.

Investment holding company CSAIL is owned by Chinese state-owned power group China Three Gorges Corporation and its overseas investment arm China Three Gorges International Corporation, the IFC and Silk Road Fund.

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