Egyptian Prime Minister Dr. Mostafa Madbouly oversaw the signing of a $420 million investment and operation agreement for the 580 MW Gabal El-Zeit wind farm.
The deal, signed between the New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the international renewable energy firm “Alcazar,” marks a significant step in Egypt’s strategy to increase renewable energy to 45% of the national mix within two years.
Under the agreement, Alcazar will manage the technical operation and maintenance of the facility, funded entirely through foreign direct investment.
The contract mandates comprehensive upgrades to improve productivity while ensuring a minimum capacity of 580 MW. This partnership, which features the EETC as the energy off-taker, serves as a cornerstone of the state’s ownership policy, aimed at maximizing the efficiency of state-owned assets through private sector expertise.
Minister of Electricity and Renewable Energy, Mahmoud Esmat, and Minister of Investment and Foreign Trade, Dr. Mohamed Farid, emphasized that the project underscores Egypt’s commitment to an investment-friendly climate and private sector empowerment. Dr. Farid further credited The Sovereign Fund of Egypt for structuring the competitive bid, which successfully secured a global industry leader while balancing the interests of the state and the investor.
The agreements were formally signed by NREA CEO Ihab Ismail, EETC Chairperson Eng. Mona Rizk, and Alcazar Managing Director Daniel Calderon.
