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Leading German project developer, investor, EPC and O&M contractor ib vogt has achieved commercial operation (COD) of three solar power plants totalling 166.5 MWp, awarded under the second round of Egypt’s Feed-in Tariff (FiT) programme.
Adding to the 64,1 MWp project in operation since February 2018, ib vogt began commercial operation for three additional solar power plants totalling 166.5 MWp, said the statement from the company.
All projects are located in one of the largest PV installations worldwide, the Benban solar complex near Aswan, Egypt.
Located in the Benban solar development complex near Aswan, Egypt, the PV plants “MMID 30”, “Phoenix 50” and “BSEP 50” extend over a combined area of 270 hectares, on which more than 500,000 solar panels were mounted on horizontal tracking systems.
Each year over 400,000 MWh of electricity is produced, enough to supply the demand of approximately 127,000 local households and save 178,000 T of CO2 emissions annually.
The power generated is delivered to the Egyptian Electricity Transmission Company (EETC) on the basis of a 25-year power purchase agreement (PPA). ib vogt is acting as operation and maintenance (O&M) contractor for the facilities.
Financial close was achieved by the project partners, an international conglomerate consisting of ib vogt, Infinity Solar, Phoenix Energy and BPE Partners in October 2017. For the “BSEP 50” and “MMID 30” installations financing has been provided by the European Bank for Reconstruction and Development (EBRD), the Dutch Development Bank (FMO) and the Green Climate Fund (GCF).
The International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB) and the CDC Group provided the financing for the “Phoenix 50” project. The secured debt financing for these projects amounts to USD 146 Million.
"We are very pleased to announce the successful delivery of these solar plants, which complete our 230.6 MWp portfolio in the Benban complex," remarked Anton Milner, the managing director of ib vogt GmbH.
"This is the result of several years of preparation and execution by our partners Infinity Solar, Phoenix Energy and BPE partners as well as a very dedicated team. We would also like to thank all stakeholders, authorities and the community of Benban for their support, specifically the EETC," he stated.
"Special thanks is due to our financing partners from the ERBD and IFC, who have a big stake in making this landmark infrastructure project possible," he noted.
Harry Boyd-Carpenter, the head of energy for Europe, Middle East and Africa at EBRD, said the Benban project was a game-changer for Egypt and the region.
"It shows that the right regulation, applied consistently and transparently by far-sighted authorities, can catalyse massive private sector investment in clean, stable power, helping Egypt move away from its reliance on gas without needing any public money," he stated.
Carpenter said: "ib vogt was one of the very first to see this opportunity by leading the way in the first round of the Egyptian solar programme and we are delighted to have been able to support such a dynamic investor in these investments."
Christopher M. Cantelmi, Principal at IFC, says: "Seeing this ambitious solar project becoming operational is impressive and we are proud to have supported this achievement for the people of Egypt."
"The Benban complex sets a great example to the scale of what is possible when the right people and organizations come together. This includes international developers like ib vogt in the Phoenix 50 project as well as regional and local companies, including smaller contractors who all went the extra mile, proving themselves as competent and reliable partners," he added.-TradeArabia News Service
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