ib vogt divests shares in 64.1 MWp Infinity 50 Solar Park in Benban to Masdar

ib vogt GmbH has announced the sale of its shareholding in the 64.1 MWp Infinity 50 photovoltaic project in Benban, Egypt to Masdar, Abu Dhabi’s renewable energy company. ib vogt and Masdar have additionally signed agreements of intent concerning the purchase of ib vogt’s shareholdings in three more solar parks also located in the Benban solar complex which have a combined volume of 166.5 MWp.

The Infinity 50 solar plant, inaugurated in early 2018, was the first large-scale PV power plant built in Egypt and the first to mark what would later become the Benban Solar Development Complex, one of the largest utility-scale grid-connected solar power complexes in the world. It represents a landmark in the development of renewable energy infrastructure in the MENA region.

The project was jointly developed, built, and has been operated by ib vogt together with its partner Infinity Energy S.A.E. It is contributing to Egypt’s renewable energy targets under a 25-year Power Purchase Agreement.

In this transaction, and the original debt financing supporting the Infinity 50 project, ib vogt was advised by Ikarus Capital Advisory Limited (financial) and Norton Rose Fulbright LLP (legal).

Infinity Vogt Services S.A.E. will continue to provide Operation and Maintenance Services for the 230 MWp portfolio at Benban.