Alcazar Energy Partners has arranged loans worth approximately $437 million to develop two wind farms with a combined capacity of 500 megawatts near Ras Ghareb on Egypt’s Red Sea coast. The financing brings together German development lender DEG, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).
DEG is contributing $145.5 million, split between a $75 million loan for Niat and a $70.5 million loan for Rasgha. The three European institutions are providing broadly equal shares of the package, according to DEG, which said part of the lending is supported by guarantees under the European Fund for Sustainable Development Plus (EFSD+).
Each wind farm will have a generating capacity of 250 MW. Together they are expected to produce more than 2.3 terawatt-hours a year once commissioned by the end of 2028. Their power will be sold to the Egyptian Electricity Transmission Company (EETC) under 25-year purchase agreements.
Financing assembled in stages
The funding has been structured over several months. The EIB reports signing four tranches of the project on 17 September 2026, while the EBRD already lists the Rasgha loan as signed. DEG’s published terms detail how its contribution is divided between the two plants.
German-Spanish manufacturer Siemens Gamesa will supply the wind turbines and handle their maintenance. Reuters reported that Egypt’s Orascom Construction will carry out civil and electrical works. The projects are intended to increase renewable generation in a country where electricity production remains heavily reliant on natural gas.