Inframed acquires stake in Egyptian solar project

InfraMed has entered into an agreement to become a 49% shareholder in a company developing a 50 MWac greenfield photovoltaic solar farm project in Egypt. 

Sellers include Total Energie Developpement, the renewable energy arm of Total S.A., and BPE Partners, an Egypt-based private equity fund manager.

The photovoltaic (PV) solar farm will be developed on a 133 ha land located on the commune of El Gouna, 30 km from Hurghada along the Red Sea coast. The project is expected to achieve financial close by Q4 2016 and construction to start immediately after.

SunPower Corporation, a subsidiary of Total S.A., will be responsible for the engineering, procurement and construction of the plant.