Globeleq’s recent acquisition of a substantial stake in the 25-MWp solar plant within Egypt‘s Benban Solar Park complex is a significant development in the realm of renewable energy investment in Africa. This move underscores Globeleq’s dedication to expanding its footprint in the region and contributing to the advancement of clean energy infrastructure. The Benban Solar Park comple x, situated near the city of Aswan, serves as a focal point for solar energy production in Egypt, making it an ideal location for Globeleq’s investment.
The acquisition involved the purchase of a 48.3% stake from Enerray, Enerray Global Solar Opportunities, and Desert Technologies, with local electrical engineering firm GILA Altawakol Electric (Altawakol) retaining a co-shareholder position and serving as the operations and maintenance contractor. This collaborative effort among multiple stakeholders demonstrates a shared commitment to driving sustainable energy solutions forward in Egypt.
The Winnergy solar farm, as part of the second round of the Egyptian government’s Feed-in-Tariff program, plays a crucial role in meeting Egypt’s renewable energy targets. Generating 58 GWh of clean electricity annually for the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement (PPA) ensures a stable revenue stream while contributing to the country’s energy transition.
The financing for the Winnergy project, provided by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB), and Europe Arab Bank, reflects the international support and recognition of Egypt’s efforts in promoting renewable energy.
Globeleq’s involvement in the Egyptian renewable energy sector spans two decades, demonstrating a long-standing commitment to the country’s energy transition. This acquisition not only strengthens Globeleq’s position as an Africa-focused independent power producer (IPP) but also reinforces its role in driving sustainable development across the continent.
