ib vogt has also signed additional agreements with Masdar for the sale of its interest in three other solar parks
Infinity 50 PV project is contributing to Egypt’s renewable energy goal. (Credit: jaidee from Pixabay)
German solar construction firm ib vogt has announced the sale of its stake in the 64.1MWp Infinity 50 photovoltaic project to Abu Dhabi-based renewable energy company Masdar, for an undisclosed amount.
ib vogt has also reached additional agreements with Masdar concerning the sale of its interest in three other solar parks with a combined volume of 166.5MW, which are also located in the same Benban solar complex where Infinity 50 PV project is located.
Being jointly developed and operated by ib vogt with its partner Infinity Energy, Infinity 50 is one of the only two projects qualified for the demanding FiT Round 1 programme.
The solar farm is also contributing to Egypt’s renewable energy goal through a 25-year Power Purchase Agreement (PPA).
ib vogt managing director Anton Milner said: “We are very pleased to be working together with Masdar and to support their partnership with Infinity in continuing the development of the renewable electricity sector in Egypt.
“As the first major utility-scale solar plant in the country, this was a complex undertaking, a group effort from the very beginning and would not have been possible without the absolutely fantastic collaboration of countless parties including our financing partners, suppliers, advisors, governmental and local authorities and the local communities…a very challenging project which has been very well executed and very successful for all the stakeholders.”
Infinity 50 is said to be the first large-scale PV project in Egypt
Opened in early 2018, Infinity 50 solar plant is said to be the first large-scale PV power plant in Egypt.
It is part of the Benban solar complex, which is one of the world’s large utility-scale grid-connected solar power complexes.
Infinity Vogt Services will continue offering operation and maintenance services for Benban’s 230MW portfolio.
In June last year, ib vogt announced the start of commercial operations at three solar power plants at the Benban solar complex.
The solar plants include MMID 30, Phoenix 50 and BSEP 50.
Masdar chief executive officer 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. We also thank ib vogt for its professionalism and support on this strategic transaction for our company in Egypt and look forward to engage on other major opportunities with the company.”