The Emerging Market Climate Action Fund (EMCAF), a blended finance fund by the EIB and Allianz Global Investors, on Monday announced $25 million investment in Alcazar Energy Partners II to finance renewable energy projects in the Middle East, North Africa, Eastern Europe and Central Asia. This commitment is in parallel to EIB Global which provides $75 million to the fund.

The Fund is expected to create 15,000 construction jobs and contribute to the installation of over 2GW of new clean energy capacity, thereby saving 3.2 million tonnes of greenhouse gas emissions per year, generating clean energy to power over one million households," said EIB in a press release.

“To meet the Paris climate goals and strengthen global energy security, the world’s energy systems must decarbonize as soon as possible. To do this, the financial system needs to mobilize trillions of dollars from private sector green energy projects. I am delighted that we are announcing investments from EMCAF and EIB Global in the Alcazar Energy Partners II Fund today," said Ambroise Fayolle, EIB vice-president.

He added that this support will help crowd in further contributions from investors and ensure that the fund plays an important role in accelerating the green transition in its countries of operation.

“Emerging markets are where the money for climate adaptation and mitigation is needed most and where it will have a much more immediate impact than in developed countries. I am proud that our EMCAF investments are now gaining traction on the ground in emerging markets – not just helping to fight climate change, but to support healthy economic growth in this region. We are grateful that EIB leveraged this investment, and we are keen to deploy more like these quickly in other countries as well," said Tobias Pross, CEO of AllianzGI.

“The successful first close of AEP-II is a tribute to the disciplined and responsible work of our Alcazar team, who originated, developed, and exited AEP-I’s portfolios, creating value for investors and, most importantly, for the countries and communities where AEP-I invested," said Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy.

https://www.livemint.com/industry/energy/cop27-eib-global-allianzgi-announce-100-mn-funding-for-renewable-energy-projects-11668419104495.html