Actis to buy Egypt’s Gabal El-Zeit wind farm for $359mln – sources

The Sovereign Fund of Egypt (TSFE) announced that British Actis will buy the Gabal El-Zeit wind farm for $350 million, informed sources told local press on Thursday.

The deal is set to be finalised in early November, since Actis completed the due diligence process, the sources added.

Actis also obtained the approval of the New and Renewable Energy Authority (NREA) to but the wind farm.

The informed sources said that the deal’s agreed value turned out to be higher than the initial offer of $300m made by Actis in April.

The station is located in the Red Sea governorate and has a capacity of 580 megawatts.

The Egyptian Minister of Planning and Economic Development, Hala El-Said, said in an interview with Bloomberg TV on Tuesday that there are initial agreements to sell the wind station.

The minister said that Egypt received five offers for the station, however, the identity of bidders was not disclosed. The buyer will have access to use the land for 25 years, the minister added.