Masdar is expanding its global solar portfolio with a project acquisition from ib vogt at Benban Solar Complex in Egypt to be followed by more. Recently, the Abu Dhabi based company bought a 50% stake in EDP Renewables’ US portfolio of solar PV, wind, and storage capacity. (Photo Credit: Masdar)
- ib vogt says it has sold its share in 64.1 MW solar project at Benban Solar Complex to Masdar
- It will further give up its stake in 3 more projects with 166.5 MW capacity at Benban to Masdar
- With this acquisition, Masdar is now partners in the 64.1 MW project with its JV partner Infinity Energy
German solar power company ib vogt GmbH has sold off its stake in 64.1 MW Infinity 50 solar PV project in Benban Solar Park, Egypt to Abu Dhabi clean energy firm Masdar for an undisclosed sum. The project was commissioned in 2018 as the 1st large-scale solar PV plant in Egypt and the 1st to mark the beginning of the Benban Solar Development Complex.
The other partner in the 64.1 MW project along with ib vogt is Infinity Energy S.A.E. with whom Masdar launched a joint venture called Infinity Power in January 2020 eyeing utility scale, distributed solar and wind energy opportunities in Egypt and Africa (see Masdar & Infinity Energy Eye African RE Market).
“We see numerous opportunities for our partnership in this region and continue to work closely with Infinity Energy on the future success of Infinity Power,” said Masdar CEO Mohamed Jameel Al Ramahi. “We also thank ib vogt for its professionalism and support on this strategic transaction for our company in Egypt and look forward to engage on other major opportunities with the company.”
Masdar has entered into additionally signed agreements of intent with ib vogt to acquire the latter’s stake in 3 more solar parks at Benban with a combined capacity of 166.5 MW (see 166.5 MW Solar Online In Benban, Egypt).
Infinity Vogt Services will continue to provide operation and maintenance services for the 230 MW portfolio at Benban.
Ib vogt claims to have a solar PV project pipeline globally of over 16 GW for which it raised €135 million funding from EIG Global Energy Partners recently (see IB Vogt Raises €135 Million For Solar Project Pipeline).