Maersk starts due diligence for acquiring half of Egypt’s Zafarana wind farm

Updated 2/29/2024 8:09:00 AM
Maersk starts due diligence for acquiring half of Egypt’s Zafarana wind farm

Arab Finance: The Danish shipping and logistics firm Maersk has embarked on the due diligence process for acquiring half of the wind power farms in the Zaafarana complex at Ras Ghareb City in the Red Sea, Al Mal News reported, citing government sources.

Earlier in 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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