The World Bank’s International Finance Corporation (IFC) is considering up to $120mn of debt financing for UAE-based Alcazar Energy’s acquisition and operation of Egypt’s 580MW Gebel El Zeit wind complex.
Alcazar agreed terms with state renewables firm NREA in June to acquire the three operational Red Sea wind farms for $420mn, in what marks a key step in Cairo’s IMF-backed privatization program (MEES, 12 June). The deal includes a new 25-year power purchase agreement with state grid operator EETC, backed by Egypt’s finance ministry. (CONTINUED - 122 WORDS)