Alcazar Energy Partners has reached financial close on the Niat and Rasgha wind farms at Ras Ghareb on Egypt’s Red Sea coast, each of 250 megawatts. The two projects cost a combined 626 million dollars and carry 436 million dollars of debt provided in equal shares by the European Bank for Reconstruction and Development, the European Investment Bank and DEG, the German development finance institution owned by KfW, with European Union guarantee support.
Both farms sell power to the Egyptian Electricity Transmission Company under 25-year power purchase agreements. Siemens Gamesa has received notice to proceed, will supply the turbines and provide operations and maintenance, and Orascom Construction will handle balance of plant works. Commercial operations are expected by the end of 2028, with output projected above 2.3 terawatt-hours a year.
The close is the second step in a larger Egyptian position. Alcazar has separately signed agreements valued at 420 million dollars for the privatisation of the existing 580 megawatt Gabal El Zeit wind complex, whose own project financing has not yet closed. Together the two greenfield farms and Gabal El Zeit represent about 1.05 billion dollars of project and transaction value.
The financing structure is the point. Three public development lenders split the debt equally and an EU guarantee sits behind the package, a pattern that has become the standard route for large renewables in Egypt, where authorities set out plans in July 2026 to lift renewables to 45 percent of the electricity mix within two years.