Alcazar is an independent infrastructure fund manager focused on investing in and developing utility-scale renewable energy assets in growth markets. Since 2014, Alcazar has successfully managed two investment vehicles: AEP-I, which mobilised approximately US$750 million in wind and solar assets, and AEP-II, which closed at US$490 million in May 2024 and will mobilise c.US$2 billion in growth markets. Alcazar has brought together blue-chip public and private investors across North America, Asia, Europe and the Middle East, to create financially attractive investment opportunities in growth markets. Alcazar’s current portfolio of assets in development and construction stands in excess of 3GW. 

The firm is led by four partners and a multidisciplinary team with experience across power project development, financing, construction oversight, and asset management. 

This Project will be sponsored by Alcazar Energy Partners III SLP. As the third investment vehicle managed by Alcazar in the series, it will maintain the same investment strategy, management team, and continued focus on renewable energy.

Total project cost is estimated to be up to c.US$460 million. IFC will provide an A Loan up to US$120 million for its own account and Interest rate swap of US$10 million.                                                               

The Project is located in Red Sea Governorate, Egypt within the Red Sea/Rift Valley flyway, a globally important migration corridor used annually by over 1.5 million Migratory Soaring Birds (MSBs) of 37 species, and is located within the Gabal El Zeit Important Bird Area (IBA) and Key Biodiversity Area (KBA).                                                                   

This is a Category A project as per IFC's 2012 Policy on Environmental and Social Sustainability as the Project has the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. The categorization is mainly derived due to biodiversity risks in the Project area (and wider landscape) associated with globally important numbers of MSBs concentrated at the GEZ IBA and surrounding area. As such, the key E&S issue for the Project concerns the avoidance, monitoring, and management of potential adverse impacts including cumulative impacts on MSBs during wind farm operations.

Other key E&S risks include: (i) Alcazar Energy’s Environmental, Health and Safety (EHS) management systems and staffing to manage the Project in line with IFC PSs; (ii) adequacy of fair and safe working conditions for direct and contracted workers, including the informal security personnel engaged through the O&M sub-contractors, inclusive of effective emergency preparedness and response arrangements, life and fire safety, and a worker grievance mechanism; (iii) management and monitoring of solid waste, wastewater and hazardous materials; and (iv) management of stakeholder engagement and community grievance mechanism, particularly with respect to the businesses at Wadi Dara, neighboring wind farm operators and nature conservation stakeholders, among others.