Globeleq, a power and energy transition company in Africa, has completed the acquisition of a 48.3 percent equity stake in the 25 MWp Winnergy solar PV plant in Egypt from Enerray, Enerray Global Solar Opportunities and Desert Technologies.
The plant, which is in operation, is located within Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MWp ARC solar plant.
GILA Altawakol Electric (Altawakol), an electrical engineering, equipment manufacturing and services company, remains the co-shareholder and operations and maintenance contractor.
The Winnergy plant was originally developed as part of the second round of the Egyptian government’s Feed-in-Tariff program. Commencing operations in 2019, it provides approximately 58 GWh per year of clean electricity to the Egyptian Electricity and Transmission Company (EETC), under a 25-year power purchase agreement. This is sufficient to power around 13,600 residential consumers annually, thereby avoiding 30,000 tonnes of CO2 emissions.
Winnergy was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.