German ib vogt sells investment in Egypt’s Benban solar park to UAE's Masdar

Sold to Abu Dhabi-based renewable energy company Masdar

  
Image used for illustrative purpose. A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019.

Image used for illustrative purpose. A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019.

REUTERS/Amr Abdallah Dalsh
ArabFinance: German solar company ib vogt GmbH sold its entire equity in the 64.1 megawatt peak (MWp) (Infinity 50) photovoltaic (PV) plant in Benban solar park in Egypt to Abu Dhabi-based renewable energy company Masdar, according to a September 15thpress release.

The two companies signed agreements of intent related to the purchase of ib vogt’s shareholdings in three more solar parks in the Benban solar complex, which have a combined volume of 166.5 MWp.

The Infinity 50 solar plant was the first large-scale PV power plant built in Egypt two years ago, ib vogt said, noting that it later became the Benban Solar Development Complex, one of the world’s largest utility-scale grid-connected solar power complexes.

In the exit transaction, as well as the original debt financing for the Infinity 50 plant, the German firm was financially advised by Ikarus Capital Advisory. In addition, ib vogt was legally advised by Norton Rose Fulbright, according to the statement.

Infinity Vogt Services will continue to provide operation and maintenance services for the 230 MWp portfolio at Egypt’s Benban.

ib vogt and Infinity Solar were given a loan from the European Bank for Reconstruction and Development in 2017 to establish and operate two solar plants in Egypt.

Infinity Solar had reportedly inaugurated the first 50 megawatt power station in Benban in 2018.

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