Arab Finance: The New and Renewable Energy Authority (NREA) and The Sovereign Fund of Egypt (TSFE) are planning to offer the second half of the wind power plants in the Zaafarana complex in the Red Sea for sale to investors within the second half (H2) of 2024, Al Borsa News reported, citing sources in the know.

Several firms have expressed interest in submitting proposals to acquire the second half of the wind power plants, the sources said, adding that the winning bid will be selected before the end of the current year.

The sources noted that the due diligence process conducted by Danish shipping and logistics firm Maersk on the first half of Zafarana wind farm is about to be finalized.

Last October, it was reported that Maersk signed a preliminary agreement with the Egyptian government to purchase a 51% stake in a wind power farm in the Zafarana complex.

The acquisition comes as part of Maersk's strategy to build a clean fuel complex with $15 billion in investments, which aims to use the generated energy from the wind farm in the production of green fuel, the sources added.

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