Wednesday, February 8 2023 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Feb 06
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    The Sovereign Fund of Egypt (TSFE) Plans to Acquire 10% Stake in Wind Project in Egypt from ACWA Power and Hassan Allam Holdings


    November 17, 2022 - Marketline - Deals

     

      Deal In Brief

      ACWA Power, a Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, has signed a memorandum of Understanding (MoU) with The Sovereign Fund of Egypt (TSFE) to explore a joint investment in the 1.1 GW Wind Energy project, located in the Gulf of Suez in Egypt

      The MoU was signed at COP27 in Sharm El Sheikh by Karim Badr Chief Executive Officer, TSFE Infrastructure & Utilities Subfund; Yasir Mahmoud, Executive Vice President – Business Development, ACWA Power; Hassan Amin, Country Director- Egypt, ACWA Power, in the presence of Egypt Electricity Transmission Committee (EETC) delegates, Egypt’s New and Renewable Energy Authority delegates and other senior executives

      Per the terms of the MoU, ACWA Power and TSFE will now engage in discussions for TSFE’s Infrastructure & Utilities Subfund to own up to 10% of the project. Currently, project investors include Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company (25% stake) and ACWA Power. The Oman Investment Authority, the Sultanate’s sovereign wealth fund, recently signed a similar agreement with ACWA Power, to have an equity stake of up to 10% of the same facility

      Furthermore, ACWA Power has also signed a memorandum of understanding to develop another 10 GW wind project with Egyptian Electricity Transmission Company (EETC), which is likely to be developed in phases.

      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Rumour: 2022-11-15

      Deal Participants

      Acquirer (Company) Sovereign Fund of Egypt
      Vendor 1 (Company) ACWA Power International
      Vendor 2 (Company) Hassan Allam Holding

      Deal Rationale

      % Acquisition 10%

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.