Alcazar Energy Partners (“AEP”), a leading independent infrastructure fund manager focused on utility-scale renewable energy projects in growth markets, has signed acquisition terms with the New and Renewable Energy Authority (“NREA”) in respect of the 580 MW Gabel el Zeit Wind Project located in Egypt’s Red Sea Governorate.
Gabal El Zeit comprises three operational wind farms with a total installed capacity of 580MW, equipped with Siemens-Gamesa turbines and averaging 8 to 10 years of operation. Through this transaction, AEP will assume full operational responsibility, extend the asset’s useful life, and sell electricity to the Egyptian Electricity Transmission Company (“EETC”) under a 25-year power purchase agreement.
Positioned in the Gulf of Suez, within one of the world’s strongest wind corridors, Gabal El Zeit plays a vital role in advancing the country’s renewable energy and energy diversification objectives. The project delivers efficient, sustainable power generation, contributing meaningfully to Egypt’s goal of reaching 45% renewable electricity generation by 2028.
The project generates up to 2.4 TWh of clean electricity, avoids over 1.1 million tons of CO2e emissions each year, and produces enough clean energy to power over 300,000 households.
The investment aligns with Egypt’s broader economic agenda and its IMF-backed reform program to increase private sector participation. As the first strategic renewable power asset offered under the privatization framework, Gabal El Zeit marks a key milestone in further mobilizing private capital in the Egyptian electricity sector.
Daniel Calderon, Co-founder and Managing Partner of Alcazar Energy Partners, said: “Alcazar Energy is very pleased to contribute, with this project, to Egypt’s privatization efforts supported by the IMF. Together with our 500 MW NIAT Wind project, this investment will also help mobilize close to USD1.0 billion of capital for Egypt’s clean energy sector over the coming months, reinforcing the country’s position as a leading destination for renewable energy investment in the region.”
“We extend our sincere appreciation to all our investors and other key stakeholders for their support and trust in Alcazar Energy, with particular thanks to the Prime Minister, his excellency Dr Moustafa Madbouly, the Minister of Electricity, his excellency Dr Mahmoud Esmat, the Minister of Investment and Foreign Trade, his excellency Dr Mohamed Farid, NREA Chairman Eng. Ehab Ismail, The Sovereign Fund of Egypt, and EETC Chairwoman Eng. Mona Rizk.”
AEP has been a leading contributor to Egypt’s renewable energy expansion since 2014, becoming the largest equity investor in the landmark Benban Solar Park with four projects totaling 256 MWp. Moreover, in November 2024, AEP signed an agreement with the Government of Egypt, together with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) for the development of a 2 GW onshore wind platform in Egypt. In November 2025 AEP announced a partnership agreement with Siemens Gamesa Renewable Energy (“SGRE”) for the final development, construction and operation of its 500 MW NIAT Wind Project.
