Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Alcazar Energy
On thesisRenewable IPP·Energy & Infrastructure·Growth Equity·Invested 2022·11% stake
Position
Mark1.55x
Gross IRR16%
Invested$80M
LatestNo recent touchpoints recorded.
Next board:2026-05-19
Ownership + team
11% stake · 1 board seat1.0x liquidation preference
MENA renewable IPP · 1.55x mark · Jordan + Egypt + Saudi portfolio · long-term PPA-contracted assets · COP28 tailwind accelerating pipeline conversion
Ask about Alcazar Energy · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Operating capacity650 MWSolar + wind · Jordan, Egypt
Revenue$145MLTM · PPA contracted · +38% YoY
MOIC1.55x$0.7B entry → $1.09B mark
Pipeline2.4 GWDevelopment stage · MENA + East Africa
Three-way benchmark
Operating capacitymeasured in MW
Actual
Thesis target
VCP plan
Peer median
Performance update
Operating capacity 650MW · Al-Jouf KSA project (300MW) under construction · COD Q3 2026
Revenue $145M LTM · +38% YoY · PPA contracted base provides full visibility
QIA follow-on investment Q3 2025 validated portfolio quality · $120M QIA equity
East Africa pipeline: Kenya 200MW solar bid shortlisted · decision Q2 2026