Power Play: Globeleq's Solar Stake in Egypt
- Globeleq boosts its stake in Egypt's solar power with acquisition of Winnergy plant, generating clean electricity for the country's grid.
Africa-focused independent power producer Globeleq has acquired a 48.3% stake in a 25-MWp solar plant within the Benban Solar Park complex in Egypt. The stake was purchased from Enerray, Enerray Global Solar Opportunities, and Desert Technologies, with local firm GILA Altawakol Electric remaining a co-shareholder and operations contractor. The Winnergy solar farm, launched in 2019 near Aswan, generates 58 GWh of clean electricity annually for the Egyptian Electricity and Transmission Company under a 25-year power purchase agreement.
The project was developed as part of Egypt's Feed-in-Tariff program and financed by the IFC, BII, AIIB, and Europe Arab Bank. Globeleq, controlled by British International Investment with Norfund as a minority shareholder, has been investing in Egypt for two decades. The Winnergy plant is adjacent to Globeleq's 66-MWp ARC solar facility, further solidifying the company's presence in the Egyptian renewable energy sector.
What stake did Globeleq acquire in the Benban Solar Park complex in Egypt?
- Globeleq acquired a 48.3% stake in a 25-MWp solar plant within the Benban Solar Park complex in Egypt
- The stake was purchased from Enerray, Enerray Global Solar Opportunities, and Desert Technologies
- Local firm GILA Altawakol Electric remains a co-shareholder and operations contractor
- The Winnergy solar farm generates 58 GWh of clean electricity annually for the Egyptian Electricity and Transmission Company
- The project was developed as part of Egypt's Feed-in-Tariff program and financed by the IFC, BII, AIIB, and Europe Arab Bank
- Globeleq, controlled by British International Investment with Norfund as a minority shareholder, has been investing in Egypt for two decades
- The Winnergy plant is adjacent to Globeleq's 66-MWp ARC solar facility, further solidifying the company's presence in the Egyptian renewable energy sector.