The European Bank for Reconstruction and Development (EBRD) is considering providing up to $200 million in senior loans for the construction and development of two onshore wind power projects in Ras Ghareb, located in Egypt’s Red Sea Governorate, according to disclosures issued by the EBRD.
The proposed financing would be split equally between the NIAT and Rasgha projects, with each project receiving up to $100 million. Both wind farms are planned to have a generation capacity of 250 megawatts, with construction expected to begin by mid-2026.
The projects are being developed by UAE-based renewable energy company Alcazar Energy Partners. The electricity generated from the wind farms will be sold to the Egyptian Electricity Transmission Company (EETC) under 25-year power purchase agreements.
Once operational, the projects are expected to supply clean electricity to around 280,000 homes, supporting Egypt’s efforts to increase the share of renewable energy in its power mix and advance its energy transition goals.
