Alcazar Energy Mobilises Over US$1 Billion For 500 MW Wind Projects And Egypt’s Energy Security

Alcazar Energy Partners has mobilised more than US$1 billion in investment for Egypt’s electricity sector through the financial close of two major wind energy projects and a separate privatisation agreement. The development marks a significant step towards strengthening Egypt’s energy security, expanding renewable energy generation and supporting the country’s long-term decarbonisation goals.

The company announced the financial close of the 500 MW Niat and Rasgha wind projects, located in Ras Ghareb on Egypt’s Red Sea coast. Each project has a capacity of 250 MW and a total combined project cost of US$626 million. In addition, the separately signed US$420 million Gabal El Zeit privatisation transaction brings the overall investment value to more than US$1 billion. The privatisation agreements were signed in July 2026, with the transaction progressing towards a separate project-finance close.

Both wind projects have secured 25-year power purchase agreements with the Egyptian Electricity Transmission Company (EETC). Notice to proceed has been issued to Siemens Gamesa Renewable Energy (SGRE), allowing the projects to move into the execution phase. The projects are expected to enter commercial operation by the end of 2028.

Alcazar Energy Partners acquired the development rights for Niat and Rasgha, completed advanced development activities and arranged the project financing. Siemens Gamesa contributed to the earlier development work and will supply wind turbines and provide operation and maintenance services. Orascom Construction has been appointed as the balance-of-plant contractor.

The projects have secured US$436 million in project financing from three major European development finance institutions: the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), a subsidiary of KfW Group. Each institution is contributing one-third of the total debt financing. The financing package also benefits from European Union guarantee support under the European Fund for Sustainable Development Plus (EFSD+).

Once operational, the two wind farms are expected to generate more than 2.3 TWh of electricity annually. They are also projected to prevent nearly 1.1 million tonnes of carbon dioxide-equivalent emissions every year. In addition to increasing clean electricity generation, the projects are expected to create around 45 direct operational jobs and provide temporary employment opportunities during construction.

Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, said the projects demonstrate the company’s commitment to converting complex renewable energy opportunities into financially viable developments. He highlighted the importance of combining investment, technology and local expertise to strengthen Egypt’s electricity supply and energy security.

Siemens Gamesa Senior Vice President Onshore Richard Luijendijk said the projects represent the company’s continued partnership with Alcazar Energy. He noted that Siemens Gamesa has supported Egypt’s wind energy ambitions since 2004 and that Niat and Rasgha will become its tenth wind project in the country.

Representatives from EBRD, EIB and DEG also highlighted the importance of the projects in attracting private investment, reducing dependence on expensive fossil-fuel generation and supporting affordable, reliable electricity.

The investment demonstrates growing cooperation between European financial institutions, technology providers and renewable energy developers. With construction moving forward, Niat and Rasgha are expected to contribute significantly to Egypt’s renewable energy expansion and strengthen its position in the regional clean energy transition.