LE BRIEF

Egypt: $436 million secured for two wind farms with a combined 500 MW capacity

LE BRIEF • 2026-11-09

Alcazar Energy has closed debt financing for the Niat and Rasgha projects on the Red Sea coast. The two 250 MW wind farms represent a total investment of $626 million, with operations targeted by late 2028.

Alcazar Energy Partners has secured $436 million in debt financing to build two wind farms at Ras Ghareb on Egypt’s Red Sea coast. Announced on 9 November, the financial close moves the Niat and Rasgha projects into a new delivery phase. Each wind farm will have a capacity of 250 MW, bringing the combined total to 500 MW. Their total cost is $626 million. Debt is being provided by the European Bank for Reconstruction and Development, the European Investment Bank and German development finance institution DEG. Twenty-five-year power purchase agreements Electricity will be sold to Egyptian Electricity Transmission Company under twenty-five-year power purchase agreements. The announced tariff is approximately three US cents per kilowatt-hour. Revenue visibility is central to financing facilities whose costs are largely incurred before their first electricity is generated. Commercial operations are expected by the end of 2028. The wind farms could generate more than 2.3 TWh annually. These volumes remain forecasts, dependent on construction completion, equipment availability and operating conditions. Reducing exposure to fossil fuels Siemens Gamesa will supply turbines and provide maintenance, while Orascom Construction will undertake civil and electrical works. For Egypt, additional renewable capacity addresses the need to diversify supply and reduce the pressure fossil fuels pl...