UAE-based renewables developer Alcazar Energy Partners this week announced that it had raised the first $336.6mn for the ‘Alcazar Energy Partners II’ (AEP-II) fund which intends to raise $500-650mn to “mobilize c.$2bn of foreign direct investment, including project finance.”

The cash will “enable the development and construction of over 2GW of clean energy infrastructure across selected emerging markets,” Alcazar says, adding that “AEP-II has already signed its first MoU with the Egyptian Government to invest in a green hydrogen-based ammonia facility with 230,000 t/y capacity powered by a dedicated 1GW renewable energy plant.” This is among a flood of Egyptian green hydrogen/ammonia MoUs signed this year (MEES, 18 November and MEES, 2 September). Alazar adds that “a number of European and Asian investment grade off-takers have expressed a strong interest in providing an off-take agreement for the project.” (CONTINUED - 196 WORDS)