Globeleq acquires ARC Renewable Energy’s 66-megawatt solar plant in Aswan

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

  
Engineer working on checking equipment in solar power plant. Image used for illustrative purpose.

Engineer working on checking equipment in solar power plant. Image used for illustrative purpose.

Getty Images
 

Egypt - Globeleq, Africa’s leading independent power company, has acquired ARC Renewable Energy’s 66-megawatt photovoltaic solar plant in Aswan’s Benban, according to a press release.

The value of the acquisition deal has not been revealed.

Through the deal, Globeleq will provide ARC with asset management services and supervise the operation and maintenance contractor Gila Al Tawakol.

Moreover, ARC will be linked to Globeleq’s remote monitoring center in Cape Town, South Africa.

It is worth noting that ARC was developed by a consortium comprised the SECI Energia, Enerray, and Desert Technologies in 2019.

The plant supplies 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 (IFC), Globeleq’s shareholder, CDC Group (CDC), the Asian Infrastructure Investment Bank, Europe Arab Bank, and Finance in Motion.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy