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Egypt: ib vogt sells share in Infinity 50 solar plant


16 Sep 2020

Germany’s ib vogt GmbH announced on 15 September that it has sold its 64.1% share in the 50MW Infinity 50 solar PV project to Abu Dhabi Future Energy Company (Masdar). The plant is located in the giant Benban solar complex. The pair also signed agreements stating Masdar’s intention to acquire ib vogt’s share in three other Benban solar PV projects with combined capacity of 166.5MWp.

Ikarus Capital Advisory Ltd and Norton Rose Fulbright LLP were the financial and legal advisors for the transaction.

Infinity 50 was one of just three projects to go ahead in the troubled first round of Egypt’s solar feed-in tariff programme (AE 330/7, 327/7, 306/12). Its 200,000 solar panels, which cover an area of 98.6ha, produce around 110GWh/yr. Commissioned in February 2018, Infinity 50 is also owned by Infinity Solar SAE and Solizer.

Masdar chief executive Mohamed Jameel Al Ramahi said, “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 – Infinity Power – to pursue renewable energy opportunities in Egypt and elsewhere in Africa. We see numerous opportunities for our partnership in this region and continue to work closely with Infinity Energy on the future success of Infinity Power.”

Africa Investment Exchange: Power and Renewables

ENABLING POWER PROJECT DEVELOPMENT IN AFRICA

September 2020 to February 2021 – online

The 7th AIX: Power & Renewables will be a series of monthly meetings held in a virtual environment between September 2020 to February 2021, with live streaming, fringe events, an online exhibition and networking opportunities.

View the agenda (pdf)