Alcazar Energy Partners, an independent infrastructure fund manager focused on utility-scale renewable energy in growth markets, has announced the financial close of the 500 MW Niat and Rasgha wind projects, with a total project cost of USD 626 million.

Financial Close Marks a Milestone for Alcazar's Egyptian Program

The announcement places the two wind farms alongside the separately signed USD 420 million Gabal El Zeit privatization, bringing the combined value of the transactions to more than USD 1 billion of investment in Egypt's electricity sector.

The Gabal El Zeit privatization agreements were signed in July 2026, and that transaction is progressing towards a separate project-finance close. According to the company, the combined total comprises project and transaction values, including both debt and equity.

Ras Ghareb Wind Projects Advance into Execution

The Niat and Rasgha wind farms are located in Ras Ghareb on Egypt's Red Sea coast. Each project has a capacity of 250 MW, and both are underpinned by a 25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC). Notice to proceed has been issued to Siemens Gamesa Renewable Energy (SGRE), advancing the projects into execution.

Under the development structure, Alcazar Energy Partners acquired the development rights to Niat and Rasgha, carried out advanced development work, and arranged the project financing.

SGRE contributed to the earlier development work and will supply the turbines for the two projects, as well as provide operation and maintenance services. Orascom Construction will act as the balance-of-plant contractor.

The company states that the projects are expected to add new electricity supply and support Egypt's energy security and decarbonization.

USD 436 Million Debt Package Backed by European Institutions

Total project financing of USD 436 million for the Niat and Rasgha wind farms is provided by three 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 of the three lenders contributes one third of the debt financing package.

The financing benefits from European Union guarantee support under the European Fund for Sustainable Development Plus (EFSD+).

Output and Emissions Forecasts

The two projects are expected to enter commercial operation by the end of 2028. Once operational, they are forecast to generate more than 2.3 TWh of electricity per year and to avoid nearly 1.1 million tonnes of CO₂-equivalent emissions annually.

In terms of employment, the projects are expected to support around 45 direct operational jobs, in addition to temporary employment during the construction period.

Context of the Announcement

The financial close of Niat and Rasgha represents an advance in Alcazar Energy Partners' Egyptian investment program. The announcement was issued from Cairo and combines two distinct transactions: the financing close of the wind farm pair and the earlier signing of the Gabal El Zeit privatisation, which remains on the path to its own project-finance close.

Together, the transactions represent more than USD 1 billion mobilized for Egypt's electricity sector, comprising the USD 626 million total project cost of the Niat and Rasgha wind farms and the USD 420 million Gabal El Zeit privatization.

The company frames the combined mobilization as support for Egypt's energy security, with the wind projects specifically expected to contribute new electricity supply and decarbonization benefits once they reach commercial operation at the end of 2028.

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