Globeleq acquires stake in 25MW Benban solar PV project

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  • Globeleq has completed the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar PV plant (Winnergy) in Egypt from Enerray Global Solar Opportunities and Desert Technologies.
  • The plant, which is in operation, is located within Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MWp ARC solar plant.

GILA Altawakol Electric (Altawakol), a leading Egyptian group in electrical engineering, equipment manufacturing and services, remains the co-shareholder and operations and maintenance contractor. Globeleq and Altawakol have worked together since 2019 and will continue to cooperate on the asset management and operation of the plant.

The Winnergy plant was originally developed as part of the second round of the Egyptian government’s Feed-in-Tariff program. Commencing operations in 2019, it provides approximately 58 GWh per year of clean electricity to the Egyptian Electricity and Transmission Company (EETC), under a 25-year power purchase agreement. This is sufficient to power around 13,600 residential consumers annually, thereby avoiding 30,000 tonnes of CO2 emissions.

Winnergy was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.

Author: Bryan Groenendaal


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