Maersk Reaches Agreement to Get stake in Egypt’s Wind Farm
The Danish shippping Giant to Invest in Gabal Al-Zafarana Wind Power Stations
Danish shipping giant Maersk has reached a preliminary agreement with Egypt on the acquisition of a 51% stake in the 545 MW Zafarana wind farm.
The Danish firm will be acquiring the operating phases of the farm, leaving the remaining phases still under development up for grabs, according to the government official.
Maersk will receive the first four phases of the power plant, while the remaining four phases will be allocated to investors for green hydrogen projects, the document showed.
Maersk is seeking half of the asset to help produce green methanol in Egypt. The company last week signed a framework agreement with the government for a green fuel project in the Suez Canal Economic Zone, with the first phase requiring USD 3 bn in investment.