Meed | Alcazar Energy signs 2GW Egypt wind deal

Alcazar Energy signs 2GW Egypt wind deal

15 November 2024

Dubai-based renewable energy investor Alcazar Energy Partners (AEP) has signed a memorandum of understanding (MoU) with Egyptian authorities for the development of a 2GW onshore wind power project in Egypt.

Once completed, the project will produce enough clean electricity to power over 1.3 million households, mitigating the release of up to 4.7 million tonnes of carbon emissions annually, and supporting Egypt’s renewable energy capacity target, Alcazar Energy said in a statement.

The 2GW wind power project is also expected to create up to 12,500 construction jobs and 1,170 full-time operation jobs.

Alcazar Energy Partners signed the MoU with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA).

Founded in Dubai in 2014, Alcazar Energy Partners created its first investment vehicle, AEP-I, in 2018, which was "the largest independent solar portfolio in Egypt" at the time.

In 2021, China Three Gorges, whose shareholders included the International Finance Corporation and the Silk Road Fund, acquired AEP-I's portfolios.

In May this year, the Luxembourg-registered Alcazar Energy Partners (AEP)-II, a sustainable infrastructure fund focused on utility-scale renewable energy projects in emerging markets, reached a final closing of $490m.

At the closing, AEP-II already acquired the project rights for its first two wind farms with a total capacity of 456MW in the Western Balkans

In the Middle East and North Africa region, Alcazar Energy's projects include two wind farms and a solar power plant in Maan, Jordan, and four solar schemes across Egypt, with a total operational capacity of 411MW.

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Jennifer Aguinaldo