At the United Nations COP27 conference, the European Investment Bank (EIB) and AllianzGI have announced the mobilisation of $100 million to Alcazar Energy Partners II, a fund that facilitates the development, construction, and operation of renewable energy projects in the Middle East, North Africa, Eastern Europe, and Central Asia.

The Emerging Markets Climate Action Fund (EMCAF) was launched at COP26 in Glasgow in 2021 through a partnership between the EIB and AllianzGI, the Allianz group’s global investment arm. It is a blended finance vehicle aiming to mobilise private investment in developing economies. Moreover, Alcazar will receive $25 million from EMCAF and $75 million from EIB Global, the EIB’s non-EU funding division. The funds will be used to purchase wind and solar energy systems with a combined capacity of about 2 GW. The target of the Alcazar Energy Partners II fund is $500 million.

In July 2022, EIB granted a green loan of $562.49 million to Spanish energy company Iberdrola to fund domestic renewable energy projects. The loan amount is anticipated to be used to build wind farms and solar plants with a combined capacity of roughly 1,800 MW in Spain. The loan would be used to finance projects in many municipalities around Spain, with a focus on Castilla y León and Extremadura’s rural areas.