Africa-focused independent power producer, Globeleq, has acquired a 48.3% equity stake in the 25 MWp Winnergy solar PV plant in Egypt from Enerray, Enerray Global Solar Opportunities and Desert Technologies.
The Winnergy solar PV plant is located within Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MWp ARC solar plant.
Egyptian electrical engineering, equipment manufacturing and services company, GILA Altawakol Electric (Altawakol), will remain as a co-shareholder, and will be responsible for the operations and maintenance of the project.
“The addition of Winnergy is a good fit with our existing portfolio as we pursue additional opportunities in Egypt across green hydrogen and ammonia, solar, wind and desalination. Egypt is committed to an ambitious energy transition programme and we look forward to playing our part,” said Mike Scholey, Chief Executive Officer of Globeleq.
Amr Tawakol, Chairman of GILA Altawakol Electric commented on Globeleq’s acquisition deal saying; “It gives us great pleasure to partner with a highly regarded company such as Globeleq. We look forward to leveraging their extensive experience to optimize the performance of the Winnergy asset. Gila continues to be committed to Egypt’s, and the global mission, of decarbonization.”
Winnergy adding to Globeleq’s Egypt portfolio
Winnergy was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.
The solar power plant was originally developed as part of the second round of the Egyptian government’s Feed-in-Tariff program. Commencing operations in 2019, it provides approximately 58 GWh per year of clean electricity to the Egyptian Electricity and Transmission Company (EETC), under a 25-year power purchase agreement.
This solar facility produces enough power for around 13,600 residential consumers annually, thereby avoiding 30,000 tonnes of CO2 emissions.
The acquisition of Winnergy adds to Globeleq’s growing investments in Egypt. In addition to the two solar plants the Britsh-owned company owns and operates in Egypt, the company is currently developing a large-scale green hydrogen and green ammonia project in the North African country. The project follows the signing of a binding Framework Agreement at COP27 with the Sovereign Fund of Egypt, EETC, NREA and the Suez Canal Economic Zone.
