UAE company in talks to buy Egyptian wind farm

Dubai-based Alcazar Energy is reportedly in talks with the Egyptian authorities to acquire the Jabal Al-Zait wind farm on the Red Sea coast.

The Emirati company submitted the best financial offer, with the potential deal estimated at up to $350 million, Asharq Business reported, citing unidentified Egyptian government officials.

Jabal Al-Zait spans 100 square kilometres and has 300 wind turbines with a capacity of around 580 megawatts.

Alcazar is in discussions with Egypt’s sovereign fund and electricity ministry, expecting an agreement to be reached by the end of the first quarter, the report said.

Saudi Arabia’s Acwa Power and the UK’s Actis were among the five companies bidding for the wind farm in the eastern Red Sea governorate.

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The cabinet last month approved the sale of the wind farm as part of a move to privatise state assets within reforms recommended by the International Monetary Fund.

Construction started on the $400 million Jabal Al-Zait facility in 2015, with the European Union providing a €30 million ($35 million) grant for the project.

The sale of public utilities has fetched Egypt nearly $5.8 billion since 2022, just below half the targeted $12 billion, Asharq reported.