China Three Gorges South Asia Acquires 100% of Alcazar Energy Partners
With the purchase of AEP, China’s largest clean energy group will extend its renewable energy business into Middle East and North African markets.
China Three Gorges South Asia Investment (CSAIL) has purchased 100% of Alcazar Energy Partners (AEP), one of the Middle East and North Africa’s leading independent renewable energy developers and producers. With this acquisition, CSAIL will be able to extend its business and gain exposure to the renewable energy markets in the Middle East/North Africa region, according to a press release.
Dubai-headquartered AEP has played a leading role in the development of the renewable energy industry in Jordan and Eqypt, building a portfolio of five solar and two wind projects in just under 6 years with a total operational capacity of 411 MW. Driven by investor demand, the Middle East/North Africa region’s renewable sector is expected to see strong growth over the next decade, with 157 GW of renewable energy and an additional $175 billion invested during that time.
CSAIL is an investment holding company that was formed by China Three Gorges Corporation (CTG) and China Three Gorges International Corporation (CTGI) in 2011 to acquire, develop, build, own, and operate renewable power generation projects, primarily in Asia. State-owned CTG is China’s largest clean energy group and the largest hydropower enterprise in the world. Shareholders of CSAIL in addition to CTG include International Finance Corporation (IFC) and Silk Road Fund.