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International Finance Plans $120M Jebel Zeit Deal
The International Finance Corporation (IFC) is studying the provision of up to $120 million in financing to purchase three wind farms in the Jebel El Zeit area of the Red Sea Governorate in Egypt, with the aim of acquiring them as part of the government asset privatization program. The project has a total production capacity of 580 megawatts, accompanied by a 25-year power purchase agreement with the Egyptian Electricity Transmission Company. The financing aims to facilitate the acquisition, operation, and maintenance of the farms, with Siemens Gamesa continuing to manage the maintenance and operations after the deal. This is supported by a power purchase agreement secured by a guarantee from the Egyptian Ministry of Finance. This initiative is part of the Egyptian government's efforts to privatize public assets in the renewable energy sector.
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