China Muscles In on Middle East Renewables With Alcazar Takeover - Bloomberg
China is making one of its biggest pushes yet into Middle Eastern renewable energy.
A group led by state power firm China Three Gorges Corp. is buying Alcazar Energy Partners, a Dubai-based wind and solar developer. The announcement on Monday confirmed a Bloomberg News report last week on the acquisition plans.
While financial details weren’t disclosed, Bloomberg reported earlier that a deal could value Alcazar at about $1 billion, including debt.
“The region has really high growth prospects,” Daniel Calderon, Alcazar’s co-founder and chief executive officer, said in an interview with Bloomberg Television. Alcazar and its backers saw a large number of bidders and selected a “blue-chip investor” with a strategy to grow the portfolio in the region.
The deal could serve as a springboard for China to increase clean energy investments in the Middle East. Chinese companies have put their money into oil and gas in the likes of Iraq and the United Arab Emirates for years, but have only recently taken an interest in renewables in the region.
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