Globeleq takes ownership of 66-MWp solar park in Egypt

Independent power producer (IPP) Globeleq said today it has acquired the owner of a 66-MWp solar plant within the Benban photovoltaic (PV) complex in Egypt.

The solar farm, which has been generating power since November 2019, was held by ARC for Renewable Energy SAE. Globeleq purchased the entity for an undisclosed sum.

The project was developed by a tie-up between SECI Energia, Enerray and Desert Technologies and was one of the winners in the second round of the Egyptian government’s feed-in-tariff (FiT) programme. Being part of the Benban cluster of solar parks near Aswan, Upper Egypt, the PV plant operates under a 25-power purchase agreement (PPA) with the Egyptian Electricity and Transmission Company (EETC).

Globeleq’s majority shareholder CDC Group took part in the project’s financing, along with the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank, Europe Arab Bank and Finance in Motion.

Globeleq noted it will provide ARC with asset management services and will oversee the plant's operation and maintenance contractor GILA Al Tawakol.

Choose your newsletter by Renewables Now. Join for free!