Dubai-based renewable energy investor Alcazar Energy Partners has secured $436 million in debt financing for the development of the Niat and Rasgha wind farm projects in Egypt. The projects, located on the Egypt’s Red Sea coast, are part of the country’s renewable energy infrastructure expansion.
The Niat and Rasgha wind farm projects have a combined installed capacity of 500 megawatts (MW). They will require an estimated total investment of $626 million. Both facilities will be developed at Ras Ghareb along the Gulf of Suez and are expected to begin commercial operations by the end of 2028.
The recent Alcazar financing represents a major step toward advancing the projects. Once complete, the wind farms are expected to strengthen Egypt’s domestic electricity generation capacity. They are also part of a plan to reduce dependence on natural gas-fired power generation.
Alcazar Energy Secures $436 Million Financing for 500 MW Egyptian Wind Farms
The $436 million debt financing will be jointly provided by three European development finance institutions. These are the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Germany’s DEG.
According to Alcazar Energy, each institution will contribute approximately one-third of the financing, equivalent to about $145.3 million apiece.
The financing will support the development of the two wind farms, whose combined project cost stands at $626 million. The remaining $190 million is the remaining funding gap.
The projects will sell their electricity to state-owned Egyptian Electricity Transmission Company (EETC) under 25-year power purchase agreements (PPAs). This provides a long-term offtake arrangement for the generated electricity.
Alcazar Energy CEO Daniel Calderon indicated that the projects would deliver electricity at approximately $0.03 per kilowatt-hour. This is a cost considerably lower than electricity generated using natural gas.
Siemens Gamesa and Orascom Construction Take Key Project Roles
The Niat and Rasgha wind farm projects have already identified key companies responsible for equipment supply and construction works.
Spanish-German wind turbine manufacturer Siemens Gamesa will supply the wind turbines and provide maintenance services for the facilities.
Meanwhile, Egyptian construction and engineering company Orascom Construction has been appointed to undertake the civil and electrical works.
These packages will cover important elements of the wind farm development. This includes civil infrastructure and electrical installation works required to bring the facilities into operation.
Egyptian Wind Farms Expected to Generate 2.3TWh Annually
Once operational, the two wind farms are expected to generate more than 2.3 terawatt-hours (TWh) of electricity annually.
According to Alcazar Energy, this output would be equivalent to the average annual electricity consumption of approximately 1.2 million Egyptian households, based on government estimates.
Their development will also contribute to Egypt’s broader objective of increasing renewable energy’s share of its electricity generation mix to 45% by 2028.
The country is also accelerating efforts to attract private-sector investment into renewable energy. This follows electricity supply challenges experienced in recent years, partly associated with natural gas shortages. Higher fuel prices have also increased the financial pressure associated with conventional power generation.
The Gulf of Suez region, where the projects will be located, is also particularly suitable for wind power development. This is because of its strong wind resources and established concentration of wind energy infrastructure.
Alcazar Energy Expands Its Wind Energy Portfolio in Egypt
The Niat and Rasgha wind farm projects also form part of Alcazar Energy’s wider investment strategy in Egypt’s renewable energy sector.
In another major transaction announced earlier in 2026, Alcazar signed agreements to invest in, operate and upgrade the state-owned 580MW Gabal El Zeit wind farm complex, located south of Ras Ghareb.
The transaction is valued at $420 million and involves the acquisition and subsequent operation and maintenance of the existing wind farm assets.
Alcazar CEO Daniel Calderon indicated that the company expected to close financing for the Gabal El Zeit transaction by the end of 2026.
The additional investment would also further strengthen the company’s position in Egypt’s wind energy market. This is while supporting the government’s efforts to attract private capital into existing and new renewable energy infrastructure.
What Next for the Niat and Rasgha Wind Farm Projects in Egypt?
With the $436 million financing secured and key contractors identified, the next major milestone for the Niat and Rasgha wind farms will be the start of construction.
The two projects are currently listed by Alcazar Energy as being in advanced development. Their next stages will involve progressing the necessary engineering, procurement, civil works, turbine installation and electrical infrastructure activities.
The involvement of Siemens Gamesa and Orascom Construction also provides an established delivery structure for the turbine supply and construction packages.
Both wind farms are targeting commercial operations by the end of 2028. Achieving this timeline will be important to their contribution to Egypt’s renewable energy expansion program and its 45% renewable electricity target.
However, the schedule will depend on the timely completion of development, construction, grid integration and commissioning activities.
Fact Sheet for Niat and Rasgha Wind Farm Projects in Egypt
Project developer: Alcazar Energy Partners
Location: Ras Ghareb, Red Sea Governorate
Combined installed capacity: 500MW, 250MW each
Total project cost: US$626 million
Debt financing secured: US$436 million
Financing institutions: EBRD, EIB and DEG
Power purchaser: Egyptian Electricity Transmission Company (EETC)
Power purchase agreement: 25 years
Expected electricity generation: More than 2.3TWh annually
Expected electricity cost: US$0.03/kWh
Wind turbine supplier: Siemens Gamesa
Civil and electrical works contractor: Orascom Construction
Expected commercial operations: By the end of 2028
Current project status: Advanced development
Who is involved in the Niat and Rasgha wind farm projects in Egypt?
- Alcazar Energy Partners – Project developer, investor and sponsor
- European Bank for Reconstruction and Development (EBRD) – Debt financier
- European Investment Bank (EIB) – Debt financier
- DEG (Germany) – Debt financier
- Siemens Gamesa – Wind turbine supplier and maintenance services provider
- Orascom Construction – Civil and electrical works contractor
- Egyptian Electricity Transmission Company (EETC) – Electricity offtaker under the 25-year PPAs
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