Dubai-based sustainable investments firm Alcazar Energy Partners announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) for the development of a 2 gigawatt (MW) onshore wind power project in North African country.

The company's press statement didn't disclose project location, cost or timelines but said it is anticipated to produce enough clean electricity to power over 1.3 million households and prevent the release of up to 4.7 million tonnes of CO2 emissions annually. The project will also create up to 12,500 construction jobs and 1,170 full time operation jobs, it said.

Alcazar Energy Partners focuses on mobilising capital to develop, build, and operate renewable energy assets in emerging and developing markets. Earlier this year, the firm closed its second vehicle, AEP-II at $490 million which saw participation by public and private investors from North America, Europe, Asia and the Middle East.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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