Financial close for the US$626 million Niat and Rasgha wind farms advances Alcazar’s Egyptian investment programme alongside the US$420 million Gabal El Zeit privatisation.
Alcazar Energy Partners ('AEP'), an independent infrastructure fund manager focused on utility-scale renewable energy in growth markets, announces the financial close of the 500 MW Niat and Rasgha wind projects, with a total project cost of US$626 million. Alongside the separately signed US$420 million Gabal El Zeit privatisation, the transactions represent more than US$1 billion of investment in Egypt’s electricity sector.
The Gabal El Zeit privatisation agreements were signed in July 2026. The transaction is progressing towards a separate project-finance close. The combined total comprises project and transaction values, including debt and equity.
Located in Ras Ghareb on Egypt’s Red Sea coast, Niat and Rasgha each have a capacity of 250 MW and 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. The projects are expected to add new electricity supply and support Egypt’s energy security and decarbonisation.
AEP acquired the development rights to Niat and Rasgha, carried out advanced development and arranged project financing. SGRE contributed the earlier development work and will supply the turbines and provide operation and maintenance services. Orascom Construction will act as the balance-of-plant contractor.
Total project financing of US$436 million for Niat and Rasgha is provided by 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 lender 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+').
Expected to enter commercial operation by the end of 2028, the projects are forecasted to generate more than 2.3 TWh of electricity per year and avoid nearly 1.1 million tonnes of CO2-equivalent emissions annually. Together, the projects are expected to support around 45 direct operational jobs, in addition to temporary employment during construction.
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, 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 His Excellency Dr 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.'
Richard Luijendijk, Senior Vice President Onshore at Siemens Gamesa, said:
'I would like to thank Alcazar Energy for their continued trust and partnership. Niat and Rasgha reflect the strength of a relationship built over many years and our shared commitment to expanding renewable energy in Egypt. Siemens Gamesa has been contributing to Egypt’s wind energy ambitions since 2004. With Niat and Rasgha becoming our tenth wind project in the country, and with construction now moving forward, we are proud to continue supporting Egypt’s energy transition with reliable technology and strong local partnerships. We look forward to delivering these 500 MW of wind capacity together and helping create lasting value for Egypt, its communities and future generations.'
Harry Boyd-Carpenter, Managing Director, Sustainable Infrastructure Group at EBRD, said:
'Reliable and affordable energy is essential for economic growth and competitiveness. By supporting our longstanding partner Alcazar Energy to develop these wind farms, we are helping to strengthen Egypt’s energy security, attract private investment, lower energy costs and support the country’s long-term renewable energy ambitions. This agreement also demonstrates the power of cooperation between development finance institutions and the European Union in mobilising investment at scale.'
Monika Beck, Member of DEG’s Management Board, said:
'By providing financing for the Niat and Rasgha wind farms, DEG contributes to expanding renewable energy generation capacity in a power system that needs to meet increasing demand and to reducing dependence on expensive fossil-based generation. We are proud to support our longstanding client Alcazar Energy Partners in utilizing high-end European turbines and to foster renewable energy supply, one of its strategic focus areas.'
Gelsomina Vigliotti, Vice-President at EIB, said:
'Egypt’s wind resources offer a significant opportunity to meet growing electricity demand while reducing emissions. By supporting Alcazar Energy Partners in developing the Niat and Rasgha wind farms with European wind technology, we are helping turn that potential into cleaner power for homes and businesses. Following the European Commission’s launch of the T-MED Investment Platform, this investment demonstrates how European Union backing and cooperation with our financing partners can mobilise private capital to strengthen Egypt’s energy security and accelerate its transition to renewable energy.'
About Alcazar Energy Partners
Alcazar Energy Partners ('AEP') is an independent infrastructure fund manager focused on investing in and developing utility-scale renewable energy assets in growth markets. Established in 2014, AEP’s first investment vehicle, AEP I, mobilised approximately US$750 million of investment in wind and solar assets. AEP II closed with US$490 million of fund commitments in May 2024 and is expected to mobilise approximately US$2 billion of investment. AEP brings together public and private investors across North America, Asia, Europe and the Middle East.
Source: Alcazar Energy Partners
