Abu Dhabi-based Masdar has acquired the 64MW Infinity 50 photovoltaic plant in Egypt from German renewables developer Ib Vogt.
The companies have also signed agreements of intent concerning the purchase of Ib Vogt’s shareholdings in three more solar parks also located in the Benban solar complex in Egypt, which have a combined volume of 166.5MW.
Infinity 50, inaugurated in early 2018, was the first large-scale PV power plant built in Egypt and the first to mark what would later become the Benban solar complex.
The project was jointly developed, built and has been operated by Ib Vogt, with its partner Infinity Energy.
Infinity 50 has a 25-year power purchase agreement.
Ib Vogt managing director Anton Milner said: “We are very pleased to be working together with Masdar and to support their partnership with Infinity in continuing the development of the renewable electricity sector in Egypt.
“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.”
Infinity Vogt Services will continue to provide operation and maintenance services for the 230MW portfolio at Benban.