Alcazar Energy Partners (AEP) has reached financial close on the Niat and Rasgha wind projects, with a combined capacity of 500 MW (250 MW each), at Ras Ghareb, in Egypt (Alcazar Energy press release, 09/11/2026). The projects represent an investment of USD626m, with USD436m of debt financing from three development finance institutions, each providing one third. The debt is supported by EU guarantees under the European Fund for Sustainable Development Plus (EFSD+).
AEP has already acquired the development rights, carried out advanced development and arranged the financing. Siemens Gamesa contributed earlier development work, will supply the turbines and provide operations and maintenance, and has received the notice to proceed. Orascom Construction will deliver the balance-of-plant works. Commercial operation is expected by the end of 2028. Both projects have 25-year power purchase agreements with the Egyptian Electricity Transmission Company (EETC). Once operational, they are expected to generate more than 2.3 TWh per year and to avoid about 1.1 MtCO2e/year.
AEP is also working on the USD420m Gabal El Zeit privatisation, signed in July 2026 and progressing to a separate project-finance close. Together with Niat and Rasgha, it brings AEP’s investment in Egypt’s power sector to over USD1bn.
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