EGYPT – Africa-focused independent power company Globeleq has successfully acquired a 48.3% equity stake in the 25 MW Winnergy solar photovoltaic (PV) plant in Egypt from Enerray, Enerray Global Solar Opportunities, and Desert Technologies.
The plant, which is currently operational, is situated within Egypt’s flagship Benban Solar complex near Aswan and is adjacent to Globeleq’s 66 MW ARC solar plant.
“This transaction reaffirms Globeleq’s enduring commitment to Egypt, where the company has been investing for over 20 years,” said Globeleq CEO Mike Scholey.
“The addition of Winnergy aligns well with our existing portfolio as we pursue further opportunities. Egypt is dedicated to an ambitious energy transition program, and we are eager to contribute.”
The Winnergy plant was initially developed as part of the second round of the Egyptian government’s feed-in-tariff program.
Since commencing operations in 2019, it has been supplying approximately 58 GWh/y of clean electricity to the Egyptian Electricity and Transmission Company under a 25-year power purchase agreement, thereby avoiding around 30,000 t/y of carbon dioxide emissions.
GILA Altawakol Electric, an Egyptian group specializing in electrical engineering, equipment manufacturing, and services, remains the Winnergy plant’s co-shareholder and operations and maintenance contractor.
Globeleq and Altawakol have been collaborating since 2019 and will continue to work together on asset management and plant operations.
“We are delighted to partner with a highly esteemed company like Globeleq. We anticipate leveraging their extensive experience to optimize the Winnergy asset’s performance. GILA remains committed to Egypt’s and the global mission of decarbonization,” stated GILA Altawakol Electric Chairperson Amr Tawakol.
This investment follows Globeleq’s recent announcement of plans to invest approximately KES 4.6 billion (US$34.20m) in setting up battery storage for its Malindi solar plant in Kenya to supply electricity during peak demand.
The company initially invested KES 7.83 billion (US$58.22m) in establishing the 52-megawatt peak Malindi solar plant, which began supplying electricity to the national grid in 2021.
“The Malindi project represents an investment of approximately KES 12.5 billion (US$92.94m). We completed a feasibility study in 2023 and are now working with the Ministry of Energy on the progress of the project,” Globeleq disclosed.
Peak electricity demand occurs between 8:00 PM and 8:30 PM in the coastal region and between 7:30 PM and 8:00 PM for the rest of the country.
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