TFSE assigns Tractebel as advisor on wind power plants sale

The Sovereign Fund of Egypt assigned Belgium’s Tractebel as an advisor the wind power plants in Zaafarana and Gabal El-Zeit transaction.

The appointment of Tractebel means that it will evaluate the proposed offer from the British company Actis to acquire the Gabal El-Zeit wind power stations, according to undisclosed sources cited by Ashraq Bloomberg.

In July 2023, local media announced that Actis is set to acquire the state-owned Gabal El Zeit wind farm. Minister of Planning, Hala El Said said this week that she expects the sales of the plants to be finalized in the first quarter of 2024.

The Sovereign Fund of Egypt (TSFE) received a number of local and international offers and said that the best offer it received from a technical and financial point of view was submitted by Actis.

The capacity of the Gabal El-Zeit wind energy projects is 580 MW, and includes the Gabal El-Zeit 1 stations with a capacity of 240 MW, Gabal El-Zeit 2 with a capacity of 220 MW, and Gabal El-Zeit 3 ​​with a capacity of 120 MW. Egypt aims to generate 42 percent of its electricity from renewable resources by 2035.

Egypt has recently worked to sell some of its state-owned companies and assets to strategic investors as part of its Initial Public Offering (IPO) program and has succeeded in raising up to $2.5 billion so far.