German solar developer Ib Vogt GmbH revealed that it has arranged the sale of its stake in the 64.1-MWp Infinity 50 photovoltaic (PV) park in Egypt to Abu Dhabi Future Energy Company PJSC, better known as Masdar.
The PV plant is located in Egypt’s sprawling Benban solar complex, where Ib Vogt has stakes in three more parks with a combined capacity of 166.5 MWp.
The German firm said that, parallel to the sale of Infinity 50, it has signed agreements of intent with Masdar to dispose its shareholdings in the three solar parks at Benban.
Commissioned in early 2018, the Infinity 50 plant was the first large-scale PV park built in Egypt. It was also the first completed park at the site of what would eventually become the 1,650-GW Benban solar complex in Aswan Governorate.
Ib Vogt developed and built the project in partnership with Egyptian company Infinity Energy SAE and secured a 25-year power purchase agreement (PPA) for the plant’s output in Egypt’s feed-in-tariff round 1 programme.
Infinity Vogt Services SAE will stay as the operation and maintenance (O&M) services provider for the Benban 230-MWp portfolio, Ib Vogt said.