Egypt has reached a preliminary agreement with British direct investment company Actis to sell the Gabal El-Zeit wind farm for US$350 million.
The country had received five offers for the station, but it did not announce the identity of the other bidders.
The station has a capacity of 580 megawatts and is located in the Red Sea governorate; the Sovereign Fund of Egypt (TSFE) is the official entity that is managing the selling process, according to media reports.
The current agreed value of the deal is higher than the initial offer the British company offered in April, according to sources.
The deal is to be finished in early November after Actis completed the due diligence process and got the approval of the New and Renewable Energy Authority.
The sale of the station is based on an energy tariff price of 2.4 US cents per kilowatt hour, with 25% of it paid in Egyptian pounds, according to Cabinet’s official data.
The buyer will also have the right to use the land for 25 years.
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