EIB Global & Allianz GI Allocate USD100 Million for Renewable Energy

On the sidelines of the COP27 UN Climate Change Conference in Sharm El Sheikh, the European Investment Bank (EIB) has announced that the Emerging Market Climate Action Fund (EMCAF) - a blended finance fund that was jointly launched by the EIB and Allianz Global Investors (AllianzGI) during COP26 in Glasgow - will invest USD 25 million in Alcazar Energy Partners II. EIB Global, which operates outside the European Union, will also invest USD 75 million in Alcazar Energy Partners II.

Alcazar Energy Partners II is a fund that will provide early-stage equity financing to develop, construct and operate renewable energy projects across the MENA region, as well as in Eastern Europe and Central Asia. The company already has a number of projects inside of Egypt's Benban Solar Plant, one of the largest solar energy stations in the world.

The fund hopes to raise USD 500 million to invest in onshore wind and solar photovoltaic, alongside hydropower, biomass and other low-carbon technologies. The fund looks to create 15,000 construction jobs, and save 3.2 million tonnes of greenhouse gas emissions per year by installing over two Gigawatt of new clean energy capacity.