Two GCC companies interested in buying Egypt’s Gabal El Zeit, Zafarana wind farms
Updated 5/10/2023 12:34:00 PM
Arab Finance: The Saudi-based power plants developer ACWA POWER and UAE’s Alcazar Energy have shown interest in acquiring the wind farms located in Egypt’s Gabal El Zeit and Zafarana, Asharq Business reported on May 10th, citing two sources familiar with the matter.
The two companies are among seven international and local firms interested in the takeover deal, including Egypt-based renewables provider Infinity, the sources said.
One of the sources noted that ACWA POWER, Alcazar Energy, and Infinity have not submitted any official offers to acquire the operational plants yet, adding that feasibility studies are ready and the strategic investor will only replace the farms’ turbines.
The transaction is expected to be finalized before the end of 2023, the source said.
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