Alcazar Energy Partners (AEP), a renewable energy infrastructure fund manager, has reached financial close on the 500MW Niat and Rasgha wind projects in Egypt, with the combined project cost reaching $626m.
These projects, coupled with the $420m Gabal El Zeit privatisation transaction signed in July 2026, represent a combined investment of more than $1bn in Egypt’s power sector.
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The Gabal El Zeit privatisation is moving towards a separate project-finance close.
The combined figures represent both project and transaction values, including debt and equity.
Situated in Ras Ghareb on Egypt’s Red Sea coastline, the Niat and Rasgha facilities each have an installed capacity of 250MW.
Both projects have signed 25-year power purchase agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC).
Alcazar Energy expects commercial operation of Niat and Rasgha by the end of 2028.
Once operational, the wind farms are expected to produce more than 2.3TWh of electricity annually and help avoid nearly 1.1 million tonnes of CO₂-equivalent emissions per year.
Projections include the creation of around 45 direct operational jobs, alongside temporary employment during the construction phase.
Siemens Gamesa Renewable Energy (SGRE) has received the notice to proceed, which moves the projects into the execution phase.
Alcazar Energy acquired development rights for Niat and Rasgha, oversaw further development, and arranged financing.
Siemens Gamesa Renewable Energy will supply the wind turbines and deliver operation and maintenance services, having also contributed to earlier development efforts.
Orascom Construction will manage balance-of-plant works.
Funding for the Niat and Rasgha projects amounts to $436m, provided by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG).
Each lender is supplying one-third of the debt finance.
According to Alcazar Energy, this financing benefits from guarantees under the European Fund for Sustainable Development Plus (EFSD+).
Alcazar Energy co-founder and managing partner Daniel Calderon said: “Our job is to turn complex opportunities into projects that can be financed and built.
“Niat and Rasgha are an important step in that work and in our long-term commitment to Egypt. We are bringing together capital, technology and local expertise to expand electricity supply and support the country’s energy security.
“We thank Mahmoud Esmat, Minister of Electricity and Renewable Energy, EETC and the New and Renewable Energy Authority, together with Siemens Gamesa, Orascom Construction, EBRD, EIB, DEG and the European Union, for their partnership.”
