Alcazar Energy Partners, a Dubai‑based renewable‑energy investor, has closed a $436 million debt package to fund the Niat and Rasgha wind farm projects in Egypt.

The loan is being provided equally by the European Bank for Reconstruction and Development, the European Investment Bank and Germany’s development finance institution DEG, each contributing roughly $145.3 million.

Together the two wind farms will have a combined installed capacity of 500 MW and a total project cost of $626 million, leaving a $190 million funding gap after the debt is applied.

Located at Ras Ghareb on the Gulf of Suez, the projects are slated to begin commercial operations by the end of 2028.

Electricity generated will be sold to the state‑owned Egyptian Electricity Transmission Company under 25‑year power purchase agreements, providing a long‑term offtake arrangement.

Alcazar estimates the farms will produce more than 2.3 TWh of electricity annually – enough for roughly 1.2 million Egyptian households – at an estimated cost of $0.03 per kilowatt‑hour, considerably cheaper than gas‑fired power.

Spanish‑German turbine maker Siemens Gamesa will supply the wind turbines and provide maintenance services, while Egyptian contractor Orascom Construction will handle civil and electrical works.

The projects support Egypt’s target to raise renewable electricity to 45 % of its generation mix by 2028 and to reduce reliance on natural‑gas‑fired plants.

With financing secured and key contractors identified, the next milestone is the start of construction, followed by turbine installation, grid integration and commissioning activities.