March 8 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering making an equity investment of up to USD 100 million (EUR 81m) in Alcazar Energy Partners, a Dubai-based company focused on renewable energy development and generation in the META (Middle East, Turkey and Africa) region.
EBRD's investment in newly issued shares of Alcazar will be part of a package of up to USD 250 million that will be used to finance onshore wind and solar photovoltaic (PV) projects in Egypt, Jordan, Turkey and other countries in the META region.
According to information published on EBRD's website on Tuesday, the equity investment has passed concept review and is pending final review.
Alcazar, set up in 2014, currently operates in the SEMED (southern and eastern Mediterranean) region and Turkey. The company is an existing EBRD customer and is backed by the International Finance Corporation (IFC).
Part of the equity investment will be used for the construction of the 45-MW Shobak wind farm in Jordan that is financed by EBRD.
(USD 1 = EUR 0.808)