EBRD to Finance Two Egyptian Wind Farms With USD 145 Million

The European Bank for Reconstruction and Development (EBRD) will provide up to USD 145 million to finance two wind farms in Egypt, adding a combined 500 megawatts (MW) of renewable energy capacity. The projects are expected to reduce annual greenhouse gas emissions by approximately 979,700 tonnes of carbon dioxide equivalent.

The financing comprises loans of up to USD 75 million and USD 70 million for Niat for Wind Energy and Alcazar Rasgha Energy, respectively. Both companies are owned by clean energy investment fund Alcazar Energy Partners II. Located near Ras Ghareb on the Red Sea coast, the wind farms will each generate 250 MW and are expected to begin commercial operations by the end of 2028.

Additional financing will come from the European Investment Bank and Germany's development finance institution DEG, supported by European Union guarantees designed to encourage private investment in renewable energy.

The projects aim to diversify Egypt's electricity generation, improve energy security and reduce reliance on imported fossil fuels. They will also mark Siemens Gamesa Renewable Energy's return to the Egyptian market as a wind turbine supplier and operations and maintenance contractor, helping expand competition within the renewable energy sector.

The investment forms part of the EU-Egypt Strategic and Comprehensive Partnership, which prioritises renewable energy and sustainable infrastructure. The EBRD has invested more than EUR 16 billion across 238 projects in Egypt to date.