Alcazar Energy Raises $436M in Debt for Two Egypt Wind Farms

Alcazar Energy Partners has raised $436 million in debt for two wind farms in Egypt, the Dubai-based developer said on Monday. The Niat and Rasgha projects carry a combined value of $626 million.

The European Bank for Reconstruction and Development, the European Investment Bank and DEG, Germany's development finance institution, are providing the debt in equal shares. The financing carries European Union guarantees issued under the European Fund for Sustainable Development Plus.

Both wind farms sit at Ras Ghareb on Egypt's Red Sea coast, at 250 megawatts each and 500 megawatts combined. Each holds a 25-year power purchase agreement with the Egyptian Electricity Transmission Company. Commercial operations are targeted for the end of 2028.

Annual output is forecast at more than 2.3 terawatt-hours, roughly the average yearly electricity use of 1.2 million homes. Alcazar expects the projects to avoid close to 1.1 million tonnes of carbon dioxide-equivalent emissions a year and to support about 45 direct operational jobs, alongside temporary construction employment.

The company has issued a notice to proceed to Siemens Gamesa Renewable Energy, which will supply the turbines and handle operation and maintenance. Orascom Construction will carry out civil and electrical works as balance-of-plant contractor.

Daniel Calderon, Alcazar's co-founder and managing partner, said power from the sites would cost about 3 cents per kilowatt-hour, a level he described as significantly below electricity generated from natural gas.

The close is one piece of a larger Egyptian program. Alcazar has separately signed a $420 million transaction covering the state-owned Gabal El Zeit wind complex, which has 580 megawatts of capacity. Those agreements were signed in July 2026 and are moving toward their own project-finance close, which Calderon said could come by the end of 2026. Together, the two wind farms and Gabal El Zeit account for more than $1 billion in project and transaction values, including debt and equity, according to the company.

Egypt's government wants renewables to supply 45% of electricity generation by 2028. Cheap wind capacity backed by long-dated offtake contracts gives the grid added supply without extra fuel imports, which makes the appeal to Cairo as much fiscal as environmental.

Alcazar was set up in 2014 and develops utility-scale renewable projects in growth markets. Its first investment vehicle mobilised about $750 million for wind and solar assets. The second fund closed in May 2024 with $490 million in commitments and is expected to mobilise roughly $2 billion.