Globeleq acquires 66MWp Benban solar PV plant in Egypt

22 October 2021
Globeleq acquires 66MWp Benban solar PV plant in Egypt

An independent power company in Africa, Globeleq, recently acquired a 66MWp solar PV plant located at the Benban Solar Park near Aswan, Egypt.

The ARC for Renewable Energy S.A.E (ARC) plant was developed by the SECI Energia, Enerray and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff programme.

It achieved commercial operation on 4 November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement.

The project was financed by the International Finance Corporation, Globeleq’s shareholder, CDC Group, the Asian Infrastructure Investment Bank, Europe Arab Bank and Finance in Motion.

Globeleq will also provide ARC with asset management services and oversee the operation and maintenance contractor, GILA Al Tawakol.

Egypt is one of the largest markets for renewable energy projects in Africa and aims to have 42% of renewable generation by 2035. The country is a key target market for Globeleq and this acquisition provides a platform to support further investments in the country, including in solar PV, wind, battery energy storage and, in the longer term, water desalination and green hydrogen projects.