London-based sustainable infrastructure investor Actis is in the process of buying a 580-MW wind farm in Egypt’s Red Sea Governorate in a deal worth USD 350 million (EUR 325.6m), Daily News Egypt reports.
The British investor has reached a preliminary agreement about the transaction with the Sovereign Fund of Egypt (TSFE) and will now need to conduct due diligence and receive clearance by the Arab country’s New and Renewable Energy Authority. According to unnamed sources, the deal is expected to close early in November.
The wind farm is located in the Gabal El Zeit area south of Ras Gharib city. Actis has been keen on buying the complex since it was put up for sale in April when the investor initially proposed a price of USD 300 million to become its owner.
TSFE has received five proposals for Gabal El-Zeit, Minister of Planning and Economic Development Hala Elsaid told local media.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.