Alcazar Secures $436 Million Financing for Egypt Wind Farms

Alcazar Energy Partners has reached financial close on two wind power projects in Egypt worth a combined $626 million, securing $436 million in debt financing as the country accelerates investment in renewable electricity generation.

The Niat and Rasgha wind farms, each with a capacity of 250 megawatts (MW), will be developed in Ras Ghareb along Egypt’s Red Sea coast. Both projects have secured 25-year power purchase agreements with the Egyptian Electricity Transmission Company (EETC), providing long-term revenue arrangements for the developments.

Financing will be provided in equal shares by the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of Germany’s KfW Group. The debt package also benefits from European Union guarantee support.

Construction is moving forward, with Siemens Gamesa Renewable Energy, part of Siemens Energy, receiving notice to proceed. Siemens Gamesa will supply the wind turbines and provide operations and maintenance services, while Orascom Construction will oversee balance-of-plant works.

The two wind farms are expected to begin commercial operations by the end of 2028. Once operational, they are projected to generate more than 2.3 terawatt-hours of electricity annually and avoid approximately 1.1 million tonnes of carbon dioxide-equivalent emissions each year.

The financing milestone forms part of Alcazar’s broader expansion in Egypt’s renewable energy sector.

In a separate transaction, the company signed agreements valued at $420 million for the privatisation of the existing 580 MW Gabal El Zeit wind complex. That transaction is progressing toward its own project-finance close.

Together, the Niat and Rasgha developments and the Gabal El Zeit transaction represent approximately $1.05 billion in combined project and transaction value, although financing for the latter has not yet closed.

The investments come as Egypt seeks to reduce its dependence on fossil-fuelled electricity generation and attract international capital into its power sector.

Egyptian authorities outlined plans in July 2026 to increase renewable energy’s share of the national electricity mix to 45% within two years, supported by additional wind, solar and battery storage capacity.

The developments also highlight the growing role of European development finance institutions in supporting large-scale renewable energy infrastructure across North Africa.

For Alcazar Energy Partners, which closed its second investment fund with $490 million in commitments in May 2024, the projects mark another step toward its goal of mobilising approximately $2 billion in renewable energy investment across growth markets.

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