Globeleq acquires a 66 MW solar project in Egypt

Globeleq, a leading independent power company in Africa, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar photovoltaic (PV) plant located at the Benban Solar Park near Aswan, Egypt.

The SECI Energia, Enerray, and Desert Technologies consortium developed the ARC plant as part of the Egyptian government’s feed-in-tariff programme’s second round. Under a 25-year power purchase agreement, it commenced commercial operation in November 2019 and currently produces clean electricity for the Egyptian Electricity and Transmission Company. The International Finance Corporation, Globeleq’s shareholder, CDC Group, the Asian Infrastructure Investment Bank, Europe Arab Bank, and Finance in Motion contributed to the project’s funding. Globeleq will also provide asset management services to ARC and supervise GILA Al Tawakol, the operation and maintenance contractor. Globeleq assisted the original developers and financiers in obtaining the final takeover certificate under the engineering, procurement and construction contracts and ensuring the project’s optimal performance during the purchase process.