Cairo – Prime Minister Dr. Mostafa Madbouly witnessed the signing of two landmark agreements for investment, operation, and power purchase of the Jabal El-Zeit wind power plant in the Red Sea, with a capacity of 580 megawatts and an investment value of $420 million. The agreements were signed between the New and Renewable Energy Authority and the Egyptian Electricity Transmission Company on one side, and Alcazar Energy on the other, in the presence of Electricity Minister Mahmoud Essmat and Investment and Foreign Trade Minister Dr. Mohamed Farid.
The deal aligns with Egypt’s State Ownership Policy and national energy strategy, which aim to reduce reliance on fossil fuels and raise renewable energy’s share to 45% within two years. Alcazar Energy will invest, operate, and manage the plant’s assets through a project company established under Egyptian law, ensuring technical operation, maintenance, and efficiency upgrades while maintaining a minimum capacity of 580 MW throughout the contract. The Egyptian Electricity Transmission Company will purchase the generated power.
Officials emphasized that the agreement represents a model of public-private partnership, reinforcing Egypt’s commitment to attracting foreign investment and expanding renewable energy projects. The Sovereign Fund of Egypt played a pivotal role in structuring the deal, which secured one of the world’s leading renewable energy firms under a balanced contractual framework.
This milestone underscores Egypt’s drive to position the private sector at the forefront of its energy transition, enhancing governance, boosting investor confidence, and maximizing returns from state-owned assets. **
