A model of a wind turbine with the Siemens Gamesa logo. Photo : Siemens
The deal follows the signing of a Share Sale and Purchase Agreement under which AEP will assume full ownership and operational responsibility for the project once regulatory approvals are completed.
Siemens Gamesa, which initiated and progressed the NIAT project, will remain a strategic partner during the advanced development phase and is expected to supply turbine technology and related services.
The project aligns with Egypt’s target of generating 42 percent of its electricity from renewable sources by 2030.
Once operational, the NIAT wind farm is expected to supply up to 2.5 TWh of clean energy annually, power 280,000 homes, and reduce more than 1.2 million tons of CO₂-equivalent emissions each year.
AEP and SGRE will work jointly to bring the project to financial close, with construction projected to create as many as 2,500 jobs.
The initiative has already attracted interest from several development finance institutions.
Daniel Calderon, co-founder and managing partner of AEP, said the renewed partnership underscores both companies’ commitment to accelerating Egypt’s clean-energy transition and deploying Siemens Gamesa turbines in the country.
AEP has been active in Egypt’s renewable sector since 2014 and is the largest equity investor in the Benban Solar Park, where it developed four projects with a combined capacity of 256 MWp.
In November 2024, the company signed an agreement with the Egyptian government, EETC, and NREA to develop a 2 GW onshore wind platform, a key milestone in Egypt’s expanding renewable energy pipeline.
Founded as an independent sustainable infrastructure fund manager, Alcazar Energy has raised over $730 million across two funds and mobilized nearly $2 billion in foreign direct investment to deliver over 3.4 GW of clean-energy capacity across growth markets.
A gradual green transition is a central part of the new Narrative for Economic Development that Egypt launched in September. The plan outlines the national economic roadmap through 2030 with targets to boost GDP growth and create more job opportunities.
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