Denmark’s Maersk has signed a preliminary deal to buy the Egyptian state’s 51% stake in the 542MW Zafarana wind farm on the Gulf of Suez, local financial daily Al Borsa reports. The asset was included in Egypt’s $10bn privatization plans set out at the start of the year (MEES, 24 February). Maersk is also thought to be in talks to buy a second state-owned wind farm which is also lined up for privatization, a 580MW facility at Gebel el Zeit, 130km to the south.

Whilst the price for the Zafarana stake has yet to be finalized, local reports put the total of Maersk’s planned “green fuel”-related investment in Egypt as high as $15bn. (CONTINUED - 974 WORDS)