China’s Mideast energy offensive – Axios

by | Nov 14, 2022 | Energy

Alcazar Energy Partners II, a Dubai-based infrastructure fund, raised $336.6 million in a first close to invest in big renewable utilities across emerging markets.Why it matters: China owns Alcazar and the massive amount of money raised highlights the country’s push into clean energy development in the Middle East. Details: Lack of transmission infrastructure and constrained manufacturing capacity has traditionally limited investment in big renewable energy projects in developing countries.Alcazar aims to address those concerns and turn the page on developing large-scale renewable projects in emerging markets.Background: A group led by China’s state-owned power company, China Three Gorges, bought Alcazar Energy Partners last fall. The deal underscored China’s new path into renewable development after decades of oil-and-gas investments in Iraq and UAE. Zoom in: As it happens, Axios’ Megan Hernbroth talked last week to Noor Sweid, managing partner of Global Ventures, a VC based in Dubai, with the two discussing this very idea.

Article Attribution | Read More at Article Source

Share This