EGYPT – German energy company, ib vogt has sold its shares in the 64.1 MWp “Infinity 50” photovoltaic solar power plant in the Benban complex in Egypt to Emirati Independent Power Producer, Masdar.
Masdar is reported to have acquired the stake in the infinity 50 solar power plant as part of efforts to increase its assets on the African continent tenfold.
“We are very pleased to be working together with Masdar and to support their partnership with Infinity in continuing the development of the renewable electricity sector in Egypt,” says Anton Milner, Managing Director of ib vogt GmbH.
In January this year, the Abu Dhabi-based Masdar partnered with Infinity Energy, Egypt’s renewable energy developer, to establish a joint venture company.
The joint venture company, Infinity Power will develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa.
“Infinity 50” photovoltaic solar power plant was built in 2018 by ib vogt in partnership with the Egyptian company and Masdar’s partner in the Infinity Power joint venture, Infinity Energy S.A.E.
“This strategic investment for Masdar marks our first collaboration with Infinity Energy under the platform our two companies announced at Abu Dhabi Sustainability Week earlier this year – Infinity Power – to pursue renewable energy opportunities in Egypt and elsewhere in Africa.”Mohamed Jameel Al Ramahi – Chief Executive Officer of Masdar
According to ib vogt, the 64.1 MWp “Infinity 50” solar power plant, was “the first large-scale photovoltaic plant built in Egypt and the first to mark what would become the Benban Solar Complex, one of the largest utility-scale, grid-connected solar complexes in the world.
The solar project with an expected capacity of 1650GW represents a milestone in the development of renewable energy infrastructure in the Mena region (Middle East and North Africa).
The German firm also signed another parallel agreement to the sale of Infinity 50, involving intent to sale its shareholdings in three other solar parks at Benban.
Despite offloading its interest in the Benban solar prower project, Ib vogt will continue to provide operation and maintenance services for its 230 MWp portfolio in Benban.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE