Three Gorges South Asia Investment buys Dubai's Alcazar Energy

China’s Three Gorges South Asia Investment Ltd, has fully acquired Dubai-based wind and solar developer Alcazar Energy Partners (AEP), in a move that allows more foothold of the Middle East and North African renewable energy markets. 

Three Gorges South Asia Investment made the acquisition along its consortium with other Chinese investors. The value of the deal was not disclosed; however, business wire Bloomberg has previously reported it could be about US $500 million.

Alcazar Energy's investors include Mubadala Infrastructure Partners, BluStone Management and Dash Ventures, the World Bank's International Finance Corporation, the IFC’s Catalyst Funds, and Alcazar's own management team.

The company, which was set up in 2014, has built a portfolio of five solar and two wind projects in Egypt and Jordan, with a total operational capacity of 411 MW.