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Maersk to acquire Zaafarana wind farms

13 October 2023

Maersk International is understood to have signed a preliminary agreement with the Egyptian government to acquire a majority stake in three wind farms in the Zaafarana complex in Ras Ghareb in Egypt's Red Sea governorate.

The Danish shipping company is expected to acquire 51 per cent of the wind power stations in the Zaafarana complex, according to Daily News Egypt citing sources.

The three wind power farms have a total combined capacity of 545MW

Maersk expects to finalise the deal value and complete the transaction before the end of 2023.

The acquisition of part of the company's reported $15bn investment programme to use energy generated from the wind farms to produce green fuel.

The multi-phase plan includes building a clean fuel facility in Ain Sokhna that uses water, food waste and other materials to produce clean fuel.

MEED understands Maersk is one of 32 companies that bid for a contract to buy the Gabal El-Zeit wind power plant, which is expected to be awarded to UK-based investment firm Actis.

It was reported in September that The Sovereign Fund of Egypt (TSFE)  reached a preliminary agreement with Actis to sell the Gabal el-Zeit wind farms for $350m.

The deal is expected to be finalised in November this year once Actis completes the due diligence process and obtains approval from Egypt’s New & Renewable Energy Authority.

The final value is higher than Actis’ initial offer of $300m in April when TSFE put the power plant up for sale.

The 580MW wind farms are located in the Red Sea governorate. The Gabal el-Zeit 1 has a capacity of 240MW, while Gabal el-Zeit 2 and 3 have a capacity of 220MW and 120MW, respectively.

Photo: Pixabay

https://image.digitalinsightresearch.in/uploads/NewsArticle/11216808/main.jpg
Jennifer Aguinaldo

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