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Dubai-based Alcazar is close to clinching the deal to buy Egypt's Gabel El-Zeit wind farm after offering the best price among bidders, press reports say.
The company is engaged in negotiations with Egypt’s sovereign wealth fund and the Ministry of Electricity and Renewable Energy for a final deal, which could be worth $350 million, the Saudi Asharq Business website said, citing unnamed Egyptian government officials.
“The two sides are negotiating for the deal after Alcazar made the best offer for the acquisition of the wind farm…we expect the negotiations to be completed before the end of the first quarter of 2026,” an official said.
In December, Egypt’s cabinet approved the sale of the 580-megawatt (MW) wind farm on the Red Sea, which is one of several public entities being sold by the government within a privatisation programme.
In a previous report, Asharq Business said Alcazar was among five Arab and foreign companies bidding to buy the wind farm. They include ACWA Power of Saudi Arabia, Actis from the UK and two other companies from Europe and Malaysia.
Gabel El-Zeit has 300 wind turbines spread over an area of 100 square kilometres.
(Writing by N Saeed; Editing by Anoop Menon)
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