ib vogt has sold its shareholding in the 64.1 MWp Infinity 50 photovoltaic project in Benban, Egypt to Masdar, Abu Dhabi’s renewable energy company.
In addition, ib vogt and Masdar have signed purpose agreements to buy ib vogt’s shares in three additional solar parks also located in the Benban Solar Complex with a total amount of 166.5 MWp.
Inaugurated in early 2018, the Infinity 50 solar power plant was the first large-scale PV power plant installed in Egypt, and the first to mark what would later become the Benban Solar Development Complex, one of the world’s largest utility-scale grid-connected solar power plants.
It represents a milestone in renewable energy infrastructure growth in the MENA region.
The project was jointly developed, constructed and operated by ib vogt along with its partner Infinity Energy S.A.E. one of the two projects that qualified for the challenging FiT Round 1 program is contributing to Egypt’s renewable energy goals 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.”Anton Milner, managing director of ib vogt.
“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. 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.”Mohamed Jameel Al Ramahi, CEO of Masdar.