EIB Global and AllianzGI commit $100m for renewable energy projects

Written by Michael Griffiths

14/11/2022

EIB Global, the dedicated arm for outside the EU of the European Investment Bank (EIB) Group and Allianz Global Investors (AllianzGI) have announced a $100m investment for renewable energy projects.

The strategy Emerging Markets Climate Action (EMCA) has invested $25m while EIB Global has invested $75m in Alcazar Energy Partners II.

EMCA is a blended finance strategy initiated jointly by the EIB and AllianzGI to finance climate mitigation and adaptation as well as environmental projects in Africa, Asia, Latin America and the Middle East.

Alcazar Energy Partners II has a target size of $500m and will invest in onshore wind and solar photovoltaic, with additional potential investments in hydropower, biomass or battery-based electricity storage or other low-carbon technologies.

The Fund is expected to create 15,000 construction jobs and contribute to the installation of over two gigawatt of new clean energy capacity. Thereby saving 3.2 million tons of greenhouse gas emissions per year, generating clean energy to power over one million households.

EIB vice-president, Ambroise Fayolle, commented: “To meet the Paris climate goals and strengthen global energy security, the world’s energy systems must decarbonise as soon as possible. To do this, the financial system needs to mobilise 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. 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.”

AllianzGI CEO, Tobias Pross, added: “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.”

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