DEG is providing Alcazar Energy Partners with a total of USD 145.5 million to finance the construction of two wind farms in Egypt. With a combined installed capacity of 500 MW, the wind farms are expected to generate more than 2.3 TWh of renewable electricity per year, according to DEG.

Two Wind Farms Near Ras Ghareb

The Niat and Rasgha wind farms, each with a capacity of 250 MW, will be built near Ras Ghareb on Egypt's Red Sea coast. DEG is financing the projects through long-term loans of USD 75 million and USD 70.5 million, respectively.

Total investment costs for the two projects amount to approximately USD 580 million. Of this, around USD 437 million is being provided in equal shares by DEG, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

EU Guarantees Back the Financing

The financing is partially backed by guarantees under the EU's European Fund for Sustainable Development Plus (EFSD+). According to DEG, these guarantees are available for projects of particular developmental relevance in higher-risk markets. In this case, they support long-term investment in the expansion of renewable energy generation in Egypt.

DEG: Meeting Rising Demand, Reducing Fossil Dependence

Monika Beck, member of DEG's Management Board, framed the loans as a contribution to a power system facing rising consumption. "With the loans for the Niat and Ras Ghareb wind farms, DEG is helping to expand renewable energy generation capacity in a power system that must meet growing electricity demand," she said. "At the same time, the projects are helping to reduce dependence on costly fossil-fuel-based power generation."

Beck described Alcazar Energy Partners as a long-standing DEG customer and noted that the company is using state-of-the-art European wind turbines for the projects. "In doing so, we are promoting the supply of renewable energy, a strategic priority for DEG," she said.

European Technology and Local Employment

German-Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy is supplying the wind turbines and will also provide operation and maintenance services. During the construction phase, more than 1,000 workers are expected to be employed in implementing the two wind farm projects.

Output and Emissions Targets

The Niat and Rasgha wind farms are planned to be fully operational by the end of 2028. Once they are, they are expected to supply around 300,000 households with green electricity each year and to avoid nearly 1.1 million tonnes of CO2 emissions annually.

DEG says the projects will contribute to Egypt's target of increasing the share of renewable energy in electricity generation to 45% by 2028.

Further DEG Commitments in Egypt

DEG has also recently committed loans totalling USD 185 million for two further renewable energy projects in Egypt. Together with partners including the EBRD, it is financing a 1,000 MW solar project in Minya that incorporates a 600 MWh battery energy storage system. It is also financing the expansion of the Benban solar park near Aswan by 200 MW, together with a 120 MWh battery energy storage system.

Both of those projects are being developed by Infinity Power Holdings and Hassan Allam Utilities Energy. According to DEG, they will contribute to the further expansion of renewable energy generation and enhance grid stability through energy storage technologies. Together, they are expected to avoid around 1.7 million tonnes of CO₂ emissions annually.

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