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$600M investments by Arab & Chinese companies to set up wind power plants in Egypt

$600M investments by Arab & Chinese companies to set up wind power plants in Egypt

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Three Arab and Chinese companies seeks to establish wind energy plants in Egypt with investments up to $600 million. They are in talks with a number of officials to submit official offers within weeks, government sources told a local news site.

In the frame of two firm’s willingness to set up the project within the first quarter of 2024, they are expected to give a detailed offer with the capacities and proposed price for selling the kilowatts produced to officials at the end of this month.

The companies are planning to implement renewable energy projects in Egypt. In addition to that, they have expressed their willingness to acquiring part of the Zaafarana wind power plants that the government intends to offer to a strategic investor, the source said.

This came in the frame of Egypt’s willingness to raise $5B from its IPO program by mid-2024. The government declared that Egypt is also offering stakes in Zafarana wind farm with the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and, in addition to Safi and Watanya, companies owned by the military.

In August 2023, Danish Maersk Group was in talks to potentially acquire half of Zafarana state-owned 545-MW wind farms.

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