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Alcazar goes to Egypt: UAE-based Alcazar Energy and the Egyptian government have reportedly agreed to set up a hybrid renewable energy project in Egypt’s Zafarana with some USD 2.5 bn worth of investments, two anonymous sources tell Asharq Business.
Sound familiar? The new agreement is a reformulation and activation of an MoU between Alcazar and Egypt signed last month to establish a 2 GW onshore wind farm, a source from the Egyptian government told EnterpriseAM.
The details: The project is expected to produce 2 GW of solar energy and 1.1 GW of wind energy for a total of 3.1 GW of renewable energy, with the station set to be built under a build-own-operate system, one source told Asharq Business.
Alcazar has secured usufruct rights from the Egyptian government, agreeing to provide 2% of the project’s total energy production in return. The Egyptian Electricity Transmission Company will purchase the remaining output at USD 0.02 per KW/h for solar power and USD 0.03 per KW/h for wind power for the duration of the project.
The timeline: Alcazar will wrap up project studies and financials before the end of 2025, with work on the site set to begin early 2026, the other source told the news outlet.
