Globeleq Acquires 48.3% interest in Egypt Solar Plant

Globeleq, the leading independent power and energy transition company in Africa, announces it has completed the acquisition of a 48.3% equity stake in the 25 MWp Winnergy solar PV plant (Winnergy) in Egypt from Enerray, Enerray Global Solar Opportunities and Desert Technologies. 

The plant, which is in operation, is located within Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MWp ARC solar plant.

GILA Altawakol Electric (Altawakol), a leading Egyptian group in electrical engineering, equipment manufacturing and services, remains the co-shareholder and operations and maintenance contractor. Globeleq and Altawakol have worked together since 2019 and will continue to cooperate on the asset management and operation of the plant.

The Winnergy 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 is sufficient to power around 13,600 residential consumers annually, thereby avoiding 30,000 tonnes of CO2 emissions.

Winnergy was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.

Mike Scholey, Chief Executive Officer of Globeleq, commented:

“This transaction confirms Globeleq’s long-term commitment to Egypt where the company has been investing for 20 years. 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.”

Gareth Bayley OBE, British Ambassador to Egypt, added:

“Globeleq’s ongoing commitment to the Egyptian renewable energy market demonstrates how British companies continue to support Egypt’s ambitious energy strategy through investment in the renewable energy sector and the energy transition.”

Amr Tawakol, Chairman of GILA Altawakol Electric, said:

“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.”