The International Finance Corporation (IFC), the World Bank’s private sector arm,  is considering extending a $120 million debt facitlity to UAE’s Al Cazar Energy to fund the acquisition, operation, and maintenance of the 580-megawatt (MW) Gabal El Zeit (GEZ) wind farm in Egypt’s Red Sea Governorate, according to an IFC release.

In June 2026, Alcazar Energy signed a $420 million agreement with New and Renewable Energy Authority (NREA) and the Egyptian Electricity Transmission Company (EETC) for the acquisition of the wind farm. The agreement established the commercial terms of the transaction and secured the project’s 25-year power purchase agreement (PPA) with EETC, guaranteed by the Ministry of Finance.

According to IFC’s release, Alcazar is developing the Gabal El‑Zeit wind farm through its investment fund, Alcazar Energy Partners III SLP. Major financial institutions have made equity commitments -which means they are owners and not lenders – to finance the deal. This includes  €100 million from the IFC, €150 million from the European Bank for Reconstruction and Development (EBRD), and €75 million from the European Investment Bank (EIB).

The new $120 million loan is on top of these equity investments to be split across the three Gabal El Zeit wind farm projects (GEZ 1, GEZ 2, and GEZ 3) for upgrading and development. Each subproject has its own borrower and its own IFC loan agreement.

The 580 MW farm is one of the world’s largest electricity-generating plants in terms of area, the number of turbines and capacity generated from the station with 300 turbines in place.