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.
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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.