Globeleq buys into 25-MWp solar plant in Egypt

Africa-focused independent power producer (IPP) Globeleq has wrapped up a deal to take a 48.3% stake in a 25-MWp operational solar plant within the Benban Solar Park complex in Egypt.

The stake was purchased from Enerray, Enerray Global Solar Opportunities and Desert Technologies, while local electrical engineering firm GILA Altawakol Electric (Altawakol) remains a co-shareholder and operations and maintenance contractor, Globeleq said on Tuesday.

Launched in 2019, the Winnergy solar farm is located near the city of Aswan and is adjacent to Globeleq’s 66-MWp ARC solar facility. The site generates 58 GWh of clean electricity annually for the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement (PPA).

The Winnergy project was developed as part of the second round of the Egyptian government’s Feed-in-Tariff programme and was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.

Globeleq, which is controlled by British International Investment with Norfund as a minority shareholder, has been investing in Egypt for 20 years.

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