The Middle East-focussed power producer and developer Alcazar Energy Partners has received $337 million for its fund Alcazar Energy Partners II, which targets solar and onshore wind technologies.

The fund, which is aiming to achieve up to $500 million in its final closing, with a hard cap of $650 million, will deploy capital in clean energy infrastructure in the Middle East, North Africa, Turkey, Eastern Europe and Central Asia, per an announcement on Monday.

Among the vehicle’s eight investors are multilateral financial institutions including Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, and the European Investment Bank.

Its predecessor fund has spent over $240 million on solar and wind farms in Egypt and Jordan since 2014.

China’s state-owned China Three Gorges South Asia Investment had acquired Alcazar in a consortium with other Chinese investors for an undisclosed amount in August last year.

Founded in 2014, Alcazar operates a portfolio of seven wind and solar projects across Jordan and Egypt with a total generation capacity of 411 megawatts.

The energy developer has since raised over $700 million in debt and equity from various investors including Middle Eastern venture capitalists BluStone Management and DASH Ventures. Its institutional investors include International Financial Corporation (IFC) and IFC’s Catalyst Funds, Mubadala Infrastructure Partners and the company’s management.