The European Investment Bank (EIB) is evaluating the financing of a renewable energy project in Egypt, which involves the design, construction, and operation of the Niat and Rasgha wind farms, two adjacent utility-scale onshore wind projects located in the Gulf of Suez.

The proposed initiative is spearheaded by Alcazar Energy Partners II SLP (SCSP). With an estimated total project cost of approximately $572 million, the EIB is considering an investment of $152 million to support the development.

The venture is currently under appraisal, reflecting the bank’s commitment to Egypt’s “Vision 2030” and its Integrated Sustainable Energy Strategy (ISES) 2035. These national goals aim to reach a target where 42% of Egypt’s total electricity generation is sourced from renewables by 2030.

Given the scale of the infrastructure, the project has been categorized under Egyptian environmental law as requiring a comprehensive Environmental and Social Impact Assessment (ESIA). In alignment with international standards, the EIB is overseeing this rigorous evaluation process to ensure that potential long-term environmental impacts are properly addressed and mitigated.

Based in the UAE, Alcazar Energy is a Luxembourg-domiciled sustainable infrastructure fund specializing in utility-scale renewable energy projects across emerging markets.