- Globeleq acquires a solar PV plant in Egypt.
- The 66MW solar plant is located in the Benban PV Complex.
- The plant was developed under the second round of the Egyptian government’s feed-in-tariff (FiT) programme
Globeleq says that it has acquired ARC, the owner of a 66MWp solar PV plant located within the Benban photovoltaic (PV) complex in Aswan, Upper Egypt. The farm, which has been operational since November 2019, was developed by a consortium of SECI Energia, Enerray and Desert Technologies as one of the projects awarded in the second round of the Egyptian government’s feed-in tariff (FiT) programme. As part of the Benban solar complex, the PV plant supplies electricity under a 25-power purchase agreement (PPA) to the Egyptian Electricity and Transmission Company (EETC).
Globeleq’s majority shareholder, the CDC Group, was part of the project’s financiers alongside the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank, Europe Arab Bank and Finance in Motion. In addition, Globeleq will provide asset management services to ARC and oversee the solar PV plant’s operation and maintenance contractor GILA Al Tawakol.