Will Actis snap up a 580 MW Egyptian wind farm? UK private equity giant Actis is reportedly inching closer to acquiring the 580 MW Gabal El Zeit wind project in Egypt’s Gulf of Suez after submitting the best technical and financial bid to the Sovereign Fund of Egypt (SFE), Asharq Business reports, citing three government sources it says have knowledge of the matter. The financials of Actis’ bid were not disclosed, nor were the details on other bidding companies.

The project: The first phase of the three-phase EGP 12 bn (c. USD 388 mn) Gabal El Zeit project — owned by Egypt’s New and Renewable Energy Authority (NREA) — comprises 120 turbines with a 240 MW generation capacity, according to a statement. One hundred of the aforementioned turbines have already been connected to the national grid, the statement notes. In 2022, Siemens Gamesa was awarded the five-year contract to operate and maintain the 220 MW second phase of the project — dubbed Gabal El Zeit 2. Siemens Gamesa, Vestas, and Voltalia were among companies planning to bid for a five- to seven-year operation and maintenance contract for the 120 MW Gabal El Zeit 3 plant. The entire project is being built under an engineering, procurement, and construction contract with several international and local institutions, the UN Department of Economic and Social Affairs Sustainable Development notes.

Actis also has big plans for green hydrogen production in Egypt: Actis signed an agreement back in October with the Egyptian government to establish green fuel production plants worth USD 1.5 bn with a production capacity of 200k tons annually in the Ain Sokhna Industrial Zone.

The company has been investing in MENA’s renewables sector: Back in May 2021, Actis pledged to double its energy investments in Egypt and other African countries to USD 2 bn within five years. Further afield, the company contributed to the USD 400 mn raised by UAE-based renewables firm Yellow Door Energy from shareholders back in October, marking the second time Actis invested in the company after it poured in an undisclosed sum to help the firm scale up its operations back in July.

And is looking to expand its foothold in Africa: Actis could be pouring up to USD 300 mn annually into renewables in Africa “if the opportunity presents itself,” Lisa Pinsley, Actis’ head of energy in the Middle East and Africa, said back in November.