China Three Gorges South Asia Investment Ltd, in consortium with other Chinese investors, has fully acquired Alcazar Energy Partners (AEP), allowing the Asian country to gain a foothold in the Middle East and North African renewable energy markets.
China Three Gorges South Asia Investment Ltd is State-owned while Alcazar Energy Partners (AEP) is a Dubai-based wind and solar developer.
Both the companies didn’t disclose a value for the deal, but as per a report, it could be around $500 million.
AEP’s investors comprise BluStone Management and DASH Ventures, Mubadala Infrastructure Partners, IFC (a member of the World Bank Group), and IFC’s Catalyst Funds, and Alcazar Energy Partners’ management team.
It has built a portfolio of 5 solar and 2 wind projects in Egypt and Jordan, with an operational capacity of 411 MW.
AEP is a leading independent developer and power producer, headquartered in the Dubai International Financial Centre, with 2 regional offices in Jordan and Egypt.
It was established in 2014 and since then the company has mobilized in excess of $700 million in debt and equity.
China Three Gorges South Asia Investment is an investment holding company that was formed by China Three Gorges Corporation and China Three Gorges International Corporation in 2011, to acquire, develop, build, own, and operate renewable power generation projects, primarily in Asia.
Financial advisors to CSAIL on this transaction were Natixis and its affiliates Vermilion Partners and EFG Hermes. Allen & Overy LLP provided legal counsel.
Standard Chartered acted as exclusive financial advisor to Alcazar Energy Partners. Freshfields Bruckhaus Deringer LLP and Bracewell provided legal counsel.
