Maersk, A Danish shipping and logistics company, has entered into a preliminary agreement with the Egyptian government to purchase a 51% ownership share in a wind power farm located within the Zafarana complex in Ras Ghareb City along the Red Sea.
The firm is currently in the final stages of agreeing on the deal’s value, expecting the deal to be finalized by the end of 2023, the sources revealed.
Earlier in August, it was reported that the Egyptian government thumbed up a proposal by Maersk to acquire half of the wind power farms in the Zaafarana 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.
Moreover, the sources said that the Suez Canal Economic Zone (SCZone) has allocated a land plot in Ain Sokhna for Maersk to establish the complex for producing clean fuel via water and food waste.
The company is currently in discussions regarding the acquisition of a wind farm in Gabel El-Zeit, which is one of the 32 companies being offered as part of the state’s initial public offerings program (IPO program).
