en.Wedoany.com Reported - Independent power producer Alcazar Energy Partners (AEP) has signed an agreement with Egypt's New and Renewable Energy Authority to acquire the 580 MW Gabal El Zeit wind power project in the Red Sea Governorate. The project consists of three operational wind farms, all equipped with Siemens Gamesa wind turbines.

Under the terms of the transaction, Alcazar Energy will assume operational responsibility for the assets and sell the generated electricity to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement (PPA). The company stated that the project can generate up to 2.4 terawatt-hours of electricity annually, avoiding over 1.1 million tonnes of carbon dioxide emissions, with enough power to meet the needs of more than 300,000 households.

Daniel Calderon, co-founder and managing partner of Alcazar Energy Partners, said the company is pleased to contribute to Egypt's privatization efforts supported by the International Monetary Fund (IMF) through this project. He added that, together with the company's 500 MW NIAT wind power project, this investment will mobilize nearly $1 billion for Egypt's clean energy sector in the coming months, solidifying the country's position as a leading destination for renewable energy investment in the region. Alcazar Energy noted that the project helps Egypt achieve its goal of sourcing 45% of its electricity from renewable energy by 2028.

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