Egypt: Actis reaches preliminary agreement with TSFE to acquire Gabal Al-Zeit station

Egypt: Actis reaches preliminary agreement with TSFE to acquire Gabal Al-Zeit station

Egypt - The British company Actis has reached a preliminary agreement with the Sovereign Fund of Egypt to acquire the wind power plant in Gabal El-Zeit, which is included in the government’s IPO programme, consisting of 32 companies, sources revealed to Daily News Egypt. The sources said that Actis’ bid on the 580-megawatt station was one of 4 serious bids that Egypt received from local and international companies, including Siemens Gamesa and Orascom, in addition to another offer from an Italian company. The sources pointed out that Actis presented a good technical offer that includes a complete development of the turbines in the stations with the aim of increasing its production capacity after completing the acquisition. The sources added that the final procedures will start after the official announcement from the government. The project, which was implemented in cooperation with the Spanish government, consists of 3 stations: “Gabal Al-Zayt 1” with a capacity of 240 megawatts, “Gabal Al-Zayt 2” with a capacity of 220 megawatts, and “Gabal Al-Zayt 3” with a capacity of 120 megawatts. The Egyptian government announced its aim to collect $2bn in offerings during the past fiscal year. The proposals program is one of the pillars of