By: Business day Egypt

The Egyptian government plans to offer up to a 40% stake in the Jabal El-Zeit Wind Power Plant Company on the Egyptian Exchange (EGX) before the end of this year, as part of its state-owned IPO program, after deciding not to proceed with a direct sale to a strategic investor, according to sources cited by Al-Borsa.

According to informed sources, the government has opted to move forward with a public offering of the company’s shares instead of completing a sale to the UK-based Actis fund, which had previously expressed interest in acquiring the entire company for between $300 million and $340 million.

 Negotiations reportedly stalled due to valuation differences and execution terms.

The sources added that listing procedures on the EGX are currently underway, with completion expected in the coming weeks, followed by local and international marketing for institutional and retail investors.

They noted that the decision to go for a public offering aligns with the government’s goal of broadening ownership and encouraging participation from both local and foreign investors in Egypt’s rapidly expanding renewable energy sector, particularly after the success of the Benban and Jabal El-Zeit projects, which achieved strong operational performance.

The Jabal El-Zeit Wind Power Plant is among the largest wind farms in the Middle East, with a generation capacity exceeding 580 megawatts.

 It plays a key role in supporting Egypt’s clean energy mix and reducing carbon emissions, making it one of the strategic assets the government is keen to offer at a valuation that reflects its fair market value.

The offering Is part of Egypt’s broader plan to expand the state IPO program before the end of 2025, aimed at attracting new capital to the stock market and enhancing private sector participation in managing and owning productive and service assets.

Sources also explained that the government seeks, through this offering, to boost the company’s efficiency, improve transparency, and ensure full financial disclosure in line with EGX listing standards, similar to previous energy-sector IPOs.

They emphasized that the offering would represent a significant opportunity for local and international investors to participate in one of the region’s leading clean energy projects, with the final valuation of the company expected to be determined in the coming weeks.