Masdar takes stake in landmark Benban solar complicated with ib vogt offer

Sep 15, 2020 02:18 PM ET
  • Ib vogt has actually offered its shareholding in its 64.1 MWp 'Infinity 50' project, which makes up part of the Benban solar complicated in Egypt, to Masdar.
Masdar takes stake in landmark Benban solar complicated with ib vogt offer
Image: ib vgot

And Masdar looks readied to raise its holding in the spots complex with added contracts regarding the acquisition of ib vogt's shareholding in 3 more projects there with an integrated ability of 166.5 MWp.

Infinity 50, completed by ib vogt and also its companions in the project in early 2018, was the first part of the Benban Solar Development Complex. Egypt's very first utility-scale solar park, the overall complex is targeted at having a total combined producing capacity of 2GW developed in stages by numerous companions.

Ib vogt's overall profile of projects at the complicated stands at 230.6 MW, the last tranche of 166.5 MWp having begun building in February 2018.

O&M services for the profile will continue to be offered by Infinity Vogt Services, a joint venture between ib vogt and its growth partner Infinity Energy.

The deal complies with a calculated partnership in between Abu Dhabi's Masdar and also Infinity Energy-- dubbed Infinity Power-- revealed previously this year to seek possibilities in renewable energy both in Egypt and also throughout Africa.

"We see numerous opportunities for our partnership in this area and also continue to work closely with Infinity Energy on the future success of Infinity Power," Mohamed Jameel Al Ramahi, CEO at Masdar, claimed.

The bargain follows ib vogt landed EUR135 million (US$ 160 million) of institutional financing to pursue an international pipe of projects that now goes beyond 16GW, as well as among continued supposition linking the company to a sale.

Anton Milner, handling director at ib vogt, admired the work of his company to bring the project to fulfillment.

"As the very first major utility-scale solar plant in the country, this was an intricate undertaking, a team effort from the very beginning and would certainly not have been feasible without the definitely great cooperation of countless parties including our financing partners, distributors, advisors, governmental and neighborhood authorities as well as the regional neighborhoods ... an extremely tough project which has actually been very well executed as well as very successful for all the stakeholders," he said.