PVTIME – ib vogt GmbH announces the sale of its shareholding in the 64.1 MWp “Infinity 50” photovoltaic project in Benban, Egypt to Masdar, Abu Dhabi’s renewable energy company. ib vogt and Masdar have additionally signed agreements of intent concerning the purchase of ib vogt’s shareholdings in three more solar parks also located in the Benban solar complex which have a combined volume of 166.5 MWp.
The Infinity 50 solar plant, inaugurated in early 2018, was the first large-scale PV power plant built in Egypt and the first to mark what would later become the Benban Solar Development Complex, one of the largest utility-scale grid-connected solar power complexes in the world. It represents a landmark in the development of renewable energy infrastructure in the MENA region.
The project was jointly developed, built and has been operated by ib vogt together with its partner Infinity Energy S.A.E. One of only two projects that qualified for the demanding FiT Round 1 program, it is contributing to Egypt’s renewable energy targets under a 25-year Power Purchase Agreement.
“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. As the first major utility-scale solar plant in the country, this was a complex undertaking, a group effort from the very beginning and would not have been possible without the absolutely fantastic collaboration of countless parties including our financing partners, suppliers, advisors, governmental and local authorities and the local communities…a very challenging project which has been very well executed and very successful for all the stakeholders”, says Anton Milner, Managing Director of ib vogt GmbH.
“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. We see numerous opportunities for our partnership in this region and continue to work closely with Infinity Energy on the future success of Infinity Power,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “We also thank ib vogt for its professionalism and support on this strategic transaction for our company in Egypt and look forward to engage on other major opportunities with the company.”
In this transaction, and the original debt financing supporting the Infinity 50 project, ib vogt was advised by Ikarus Capital Advisory Limited (financial) and Norton Rose Fulbright LLP (legal).
Infinity Vogt Services S.A.E. will continue to provide Operation and Maintenance services for the 230 MWp portfolio at Benban.