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.

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