U.S. Markets open in 5 hrs 11 mins

Mubadala-backed Alcazar Weighs Sale of Egypt, Jordan Assets

Dinesh Nair and Archana Narayanan

(Bloomberg) -- Alcazar Energy Ltd., backed by Abu Dhabi’s Mubadala Investment, is preparing the sale of some of their solar and wind assets in Egypt and Jordan, people with knowledge of the matter said.

The renewable-energy developer is in talks with banks on the sale, which may fetch at least $500 million, the people said, asking not to be identified as the information is private.

The sale is likely to draw interest from private equity firms and energy companies focused on the region, the people said. No final decisions have been made, and Alcazar could still decide to keep the assets, they said.

Representatives for Dubai-based Alcazar didn’t respond to a request for comment.

While the Middle East is home to the world’s biggest oil exporters, governments are pushing for alternate energy solutions amid growing consumption. That’s opened up opportunities for renewable-energy developers.

The United Arab Emirates plans to double its renewable energy capacity by 2030, while Saudi Arabia seeks to invest as much as $50 billion in the sector over the next six years.

--With assistance from Jan-Henrik Förster and Nicolas Parasie.

To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Archana Narayanan in Dubai at anarayanan16@bloomberg.net

To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Claudia Maedler

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.