ib vogt, a Germany-based photovoltaic (PV) plant company, will sell its stake in Egypt’s Benban Solar Park’s 64.1 MWp Infinity 50 photovoltaic project to Masdar, media reports said.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, told the media, “This strategic investment for Masdar marks our first collaboration with Infinity Energy under the platform our two companies announced at Abu Dhabi Sustainability Week earlier this year, which will see us pursue renewable energy opportunities in Egypt and elsewhere in Africa.”
Both the companies have signed an agreement stating the acquisition of ib vogt’s shareholdings in three further solar parks. The combined volume of the solar parks is 166.5 MWp. The Infinity 50 solar plant was established in 2018, marking the first large-scale PV power plant in Egypt.
The power plant is an important infrastructure for Egypt as it is one of the high-tech largest utility-scale grids-connected solar power complexes in the world. The Benban Solar Park is also an important part of the Middle East and North Africa (MENA) region’s clean tech ambitions.
Furthermore, the project was co-established by ib vogt and Infinity Energy. The project is one of the only two projects that qualified for the demanding FiT Round 1 programme, while it meets Egypt’s renewable energy targets which is planned under a 25-year power purchase agreement for 14.3 piastres per kw/h.
The new development will boost Masdar’s renewable energy ambitions for the future.