Maersk seals preliminary deal to acquire 51% stake in Egypt’s Zafarana wind farm

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The Danish shipping and logistics firm Maersk has signed a preliminary agreement with the Egyptian government to purchase a 51% stake in a wind power farm in the Zafarana complex at Ras Ghareb City in the Red Sea, Al Borsa News reported, citing sources familiar with the matter.

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 using water and food waste.

They also highlighted that the company is in talks over purchasing a wind farm in Gabel El-Zeit as part of the 32 companies offered under the state’s initial public offerings program (IPO program).