Alcazar Energy Partners (AEP), an Emirati investment firm with a focus on renewables, has reached financial close on its 500-megawatt (MW) Niat and Rasgha wind projects in Egypt, securing a total project investment of $626 million. The projects form part of AEP’s broader investment program in Egypt, which exceeds $1 billion, with the remaining $420 million committed through the Gabal El Zeit transaction completed in July.
The Niat and Ras Ghareb wind farms, located on Egypt’s Red Sea coast, will each generate 250 MW of electricity under 25-year power supply agreements with the Egyptian Electricity Transmission Company (EETC). The projects have received approval to begin implementation, with Siemens Gamesa Renewable Energy set to proceed with the next phase of development. Once operational, they are expected to boost electricity supply and support Egypt’s clean energy goals.
The projects secured $436 million in debt financing from 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 institution contributes one-third of the financing package, which benefits from European Union guarantee support under the European Fund for Sustainable Development Plus (EFSD+).
AEP acquired the development rights to the two projects, completed their advanced development, and arranged the financing, while SGRE contributed to their earlier development.
The projects are expected to begin commercial operations by the end of 2028, generating more than 2.3 terawatt-hours (TWh) of electricity annually and avoiding nearly 1.1 million tons of carbon dioxide equivalent (CO₂e) emissions each year.
The two wind farms are also expected to create around 45 direct operational jobs, in addition to temporary employment opportunities during construction.
AEP has also developed four solar power projects at Egypt’s Benban Solar Park, with a combined capacity of 256 MWp.
AEP is a sustainable infrastructure and renewable energy investment firm that develops, owns, and operates large-scale renewable energy projects, primarily wind and solar, in emerging markets. The company brings together public and private investors from North America, Asia, Europe, and the Middle East.
