Ib Vogt has sold its shares in the 64.1 Megawatt Peak (MWp) “Infinity 50” photovoltaic project in Benban to Abu Dhabi’s renewable energy company Masdar, according to a statement.
The two parties have also signed a contract of intent to purchase Ib Vogt’s shares in three other solar parks in the Benban Solar Complex with a capacity of 166.5 MWp. The Infinity 50 project was developed by both Ib Vogt and Infinity Energy S.A.E. As for Ib Vogt’s remaining 230 MWp portfolio at Benban, the company will provide operation and maintenance services as regular.
Anton Milner, Managing Director of Ib Vogt, noted that the Infinity 50 project was the first major utility-scale solar plant in Egypt, adding that it was “a very challenging project which has been very well executed and very successful for all the stakeholders.”
For his part, Masdar’s CEO Mohamed Jameel Al Ramahi stated that “this strategic investment for Masdar marks our first collaboration with Infinity Energy… to pursue renewable energy opportunities in Egypt and elsewhere in Africa.”