Masdar takes stake in landmark Benban solar complex through ib vogt deal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Ib Vogt's Infinity 50 project at Benban. Image: ib vgot.

Ib vogt has sold its shareholding in its 64.1MWp ‘Infinity 50’ project, which makes up part of the Benban solar complex in Egypt, to Masdar.

And Masdar looks set to increase its holding in the landmark complex with additional agreements regarding the purchase of ib vogt’s shareholding in three more projects there with a combined capacity of 166.5MWp.

Infinity 50, completed by ib vogt and its partners in the project in early 2018, was the first part of the Benban Solar Development Complex. Egypt’s first utility-scale solar park, the overall complex is targeted at having a total combined generating capacity of 2GW developed in phases by numerous partners.

Ib vogt’s total portfolio of projects at the complex stands at 230.6MW, the last tranche of 166.5MWp having started construction in February 2018.

O&M services for the portfolio will continue to be provided by Infinity Vogt Services, a joint venture between ib vogt and its development partner Infinity Energy.

The deal follows a strategic partnership between Abu Dhabi’s Masdar and Infinity Energy – dubbed Infinity Power – announced earlier this year to pursue opportunities in renewable energy both in Egypt and throughout 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,” Mohamed Jameel Al Ramahi, CEO at Masdar, said.

The deal comes after ib vogt landed €135 million (US$160 million) of institutional financing to pursue an international pipeline of projects that now exceeds 16GW, and amidst continued speculation linking the company to a sale.

Anton Milner, managing director at ib vogt, lauded the work of his company to bring the project to fruition.

“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,” he said.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

June 21, 2021
‘Solar Module Super League’ (SMSL) members JinkoSolar and JA Solar are to invest in polysilicon provider Xinte Energy’s 100,000 ton facility in Inner Mongolia, receiving priority access to the polysilicon produced as a result.
June 21, 2021
Retail giant IKEA and the Rockefeller Foundation have today announced the creation of a US$1 billion initiative to catalyse investments in distributed renewable energy (DRE).
June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 16, 2021
A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.
June 15, 2021
The confidence of renewable energy investors and developers stands at an “all-time high”, a new report by the American Council on Renewable Energy (ACORE) claims, however investment must surge in the coming years if the US is to meet decarbonisation goals.
June 14, 2021
Mozambique-based coal operator Ncondezi Energy has announced a joint venture (JV) with South African-based NESA to target South Africa’s C&I solar and storage markets.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021