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As Actis reportedly readies wind farm bid, the SFE has brought in an advisor: The Sovereign Fund of Egypt (SFE) has appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms, reports Asharq Business, citing unnamed government sources. The engineering consultant will work “in coordination” with a committee formed by the Madbouly government to negotiate with potential investors and review offers and timelines for the two wind farms.
ICYMI- Zafarana and Gabal El Zeit were included on the government’s list of 32 companies and assets earmarked for privatization in February. Local and foreign investors have shown interest in the acquisitions, including Saudi Arabia’s ACWA Power, the UAE’s Alcazar Energy, and our friends at Egyptian renewables firm Infinity. Planning Minister Hala El Said said this week that she expects the sales of the plants to be finalized in 1Q 2024.
Actis still looks to be the Gabal El Zeit frontrunner: We reported back in July that UK-based private equity outfit Actis had presented a well-received technical and financial bid to the Sovereign Fund of Egypt for the Gabal El Zeit wind farm in July. The PE firm is “finishing very simple matters before submitting its final offer within days,” Asharq’s sources now say. Actis is expected to offer at least USD 380 mn for the project, they added.
Maersk seems close to securing Zafarana: Danish shipping giant Maersk signed a framework agreement with the government for a 51% stake in the Zafarana farm, according to unconfirmed press reports in October. The company has reportedly entered the final stages of negotiations over the stake’s value, with the transaction potentially closing by the end of this year. Maersk is reportedly looking to use the power to produce green methanol for use in ships.
SOUND SMART- The sale of the two facilities will bring hundreds of mns of USD into the state’s coffers as we look to build up a war chest ahead of the anticipated float of the EGP, which pundits hope will happen after the presidential election.
