Dubai-based Alcazar Energy is said to be in negotiations with Egyptian authorities over the acquisition of the Jabal Al-Zait wind farm located along the Red Sea coastline.
According to Asharq Business, the Emirati firm has submitted the most competitive financial bid, valuing the potential transaction at up to $350 million, citing unnamed Egyptian government sources.
Covering an area of 100 square kilometres, the Jabal Al-Zait project comprises 300 wind turbines with an installed capacity of approximately 580 megawatts.
The report noted that Alcazar is holding talks with Egypt’s sovereign wealth fund and the Ministry of Electricity, with expectations that a deal could be finalised by the end of the first quarter.
Saudi Arabia’s Acwa Power and UK-based Actis were among five bidders competing for the wind farm, which is situated in Egypt’s eastern Red Sea governorate.
