Actis, a global pan-emerging markets private equity firm, is seeking to run and implement the Gebel El Zeit Wind Energy Project, regional director Sherif El Kholy announced Monday.
This comes after Actis had submitted on Sunday a bid to the Egyptian Ministry of Electricity to run the project.
The investment cost of this project is estimated at US$450 million.
In an interview with Amwal Al Ghad, El Kholy clarified that Actis had submitted the bid through a consortium encompassing the world’s leading renewable energy companies, Mainstream Renewable Power and UK-based RES.
The Egyptian ministry is expected to complete studying the submitted bids for the Gebel El Zeit project in the coming three months.
The Actis-RES-Mainstream alliance is targeting entering into more partnerships with the Egyptian electricity ministry in the coming period, aiming to seize the available investment opportunities in Egypt’s renewable energy sector, El Kholy noted.
The Gebel El-Zeit wind energy project is expected to be part of the Egypt’s government to increase renewable energy in the country. In March 2014, Egypt’s Ministry of Electricity announced a plan to increase the contribution of renewable energy to electricity production to 20 per cent by 2020. It also included the participation of the private sector in 67 per cent of the wind farms.