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According to bank provided information, IFC is considering a debt investment of up to US$120 million for the acquisition, operation and maintenance of a 580MW Gabal El Zeit wind farm, in the Red Sea Governorate, Egypt to be sponsored by Alcazar Energy Partners III SLP (Alcazar Energy Partners or the Sponsor), managed by its general partner, Alcazar Energy Management Services LLC-FZ (Alcazar). The Project entails the acquisition, operation and maintenance of three windfarms for a total capacity of 580MW, located in Gabal El Zeit in the Red Sea Governorate, Egypt (the “Project”). The Project will ultimately be divided into three subprojects, with IFC providing a separate debt facility to each of the three borrowers. The Project is part of Egypt’s state-owned asset privatisation program initiated by the Government of Egypt (GoE) in early 2023, under which the New and Renewable Energy Authority (NREA) is divesting this operational windfarm. The Project entered into a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) guaranteed by the Ministry of Finance (MoF) on terms consistent with those executed under the Build-Own-Operate Program. The wind farm is currently operated and maintained by Siemens Gamesa Renewable Energy (SGRE). Following the acquisition, SGRE is expected to remain involved in the operation and maintenance of the facility; with oversight from the Sponsor and following their Environmental and Social Requirements and Management Systems. The precise scope, duration and contractual structure of these arrangements remain under negotiation. Potential arrangements under consideration include continued SGRE involvement in O&M services, spare parts provision, and SCADA service, either directly or in conjunction with a qualified third-party service provider.
Total project cost is estimated to be up to c.US$460 million. IFC will provide an A Loan up to US$120 million for its own account and Interest rate swap of US$10 million.
Alcazar is an independent infrastructure fund manager focused on investing in and developing utility-scale renewable energy assets in growth markets. Since 2014, Alcazar has successfully managed two investment vehicles: AEP-I, which mobilised approximately US$750 million in wind and solar assets, and AEP-II, which closed at US$490 million in May 2024 and will mobilise c.US$2 billion in growth markets. Alcazar has brought together blue-chip public and private investors across North America, Asia, Europe and the Middle East, to create financially attractive investment opportunities in growth markets. Alcazar’s current portfolio of assets in development and construction stands in excess of 3GW.
The firm is led by four partners and a multidisciplinary team with experience across power project development, financing, construction oversight, and asset management.
This Project will be sponsored by Alcazar Energy Partners III SLP. As the third investment vehicle managed by Alcazar in the series, it will maintain the same investment strategy, management team, and continued focus on renewable energy.
| Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
|---|---|---|---|---|---|---|
| - | - | - | - | Alcazar Energy | Client | Energy |
For Inquiries About the Project, Contact
Local Access of Project Documentation
Eng. Mohamed Zidan
Alcazar Energy Country Director
Office address: Building 7, 4th Floor, Office No, 411, Cairo Festival City, Cairo
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