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Maersk is stepping up its pursuit of Zafarana: Danish shipping giant Maersk hasbegun due diligence for the 545-MW Zafarana wind farm as it paves the way to submit a final offer to acquire half of the asset, Al Mal reports, citing unnamed government sources. The New and Renewable Energy Authority is reportedly providing the required information to Maersk, which is set to conduct a thorough study, examine the documents, and inspect the site in cooperation with a consultant.
Remember: Maersk had reportedly entered the final stages of negotiation over the value of a 51% stake in October, but no ballpark has been given over how much the farm could go for.
Part of a wider plan: The company is reportedly looking to use the power to produce greenmethanol to fuel ships. The company in October signed a framework agreement with the government for a green methanol project in the Suez Canal Economic Zone, with the first phase requiring USD 3 bn in investment.
MEANWHILE IN GABAL EL ZEIT- Actis is one step closer to snapping up the Gabal El Zeit wind farm: UK-based private equity giant Actis has reportedly wrapped up due diligence on the state-owned 580-MW Gabal El Zeit wind farm, according to Al Mal’s report. Negotiations between the government and the British investor over the wind farm are reportedly in advanced stages, with the government seeking to finalize the transaction in the coming weeks.
Remember: The Gabal El Zeit and Zafarana wind farms are both included in the list of 35 companies and assets earmarked for privatization. The Sovereign Fund of Egypt (SFE) has reportedly appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes.
Lots of interest: A number of local and foreign investors have shown interest in the two farms, including Saudi Arabia’s ACWA Power, the UAE’s Alcazar Energy, and our friends at renewables firm Infinity.
The transactions could wrap up very soon: The government is set to finalize the Gabal ElZeit and Zafarana stake sales before the end of March, Planning Minister Hala El Said said on two separate occasions recently.
