Egypt signs Gabal El-Zeit wind farm agreement

CAIRO - 9 June 2026: Prime Minister Moustafa Madbouly witnessed the signing of investment, operation, and power purchase agreements for the 580-megawatt Gabal El-Zeit wind power plant on Tuesday.

The agreement, signed by Egypt’s New and Renewable Energy Authority, the Egyptian Electricity Transmission Company (EETC), and Alcazar Energy, secures a $420 million foreign investment from Alcazar Energy.

The project aligns with Egypt’s State Ownership Policy Document to maximize asset returns and supports the National Energy Strategy, which aims to increase renewable energy's share in the national grid to 45% within the next two years.

Under the framework, Alcazar Energy will manage, operate, and maintain the Red Sea-based wind farm through a locally established project company.

The $420 million investment will be injected entirely from foreign sources. The company is committed to upgrading and renewing the facility to keep its production capacity at a minimum of 580 megawatts throughout the contract term, with EETC purchasing all generated power.

The first agreement was signed by Ihab Ismail, Executive Director of the New and Renewable Energy Authority, and Daniel Calderon, Managing Director of Alcazar Energy. The second pact was finalized by Mona Rizk, Chairperson of EETC, and Calderon.

Esmat emphasized that the government's current phase focuses on maximizing resources, improving state asset performance, and supporting private-sector leadership in renewable energy.

For his part, Farid said the transaction demonstrates Egypt's commitment to empowering the private sector and boosting investor confidence. He highly praised the Sovereign Fund of Egypt for managing the competitive bidding process and successfully securing a top-tier international partner.