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Globeleq, a leading independent power and energy transition company in Africa, has finalized the acquisition of a 48.3% equity share in the 25 MWp Winnergy solar PV plant located in Egypt. The acquisition, from Enerray, Enerray Global Solar Opportunities, and Desert Technologies, strengthens Globeleq’s position in Egypt’s renewable energy landscape. Winnergy is situated within Egypt’s Benban Solar complex near Aswan and operates adjacent to Globeleq’s existing 66 MWp ARC solar plant.
Partnering with GILA Altawakol Electric (Altawakol), a prominent Egyptian group in electrical engineering and services, Globeleq solidifies its commitment to operational excellence and cooperation in asset management. Altawakol remains a co-shareholder and the operations and maintenance contractor for the Winnergy plant, continuing a collaboration that began in 2019.
Originally developed under Egypt’s Feed-in-Tariff program’s second round, Winnergy commenced operations in 2019, supplying approximately 58 GWh of clean electricity annually to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. This energy output is sufficient to power around 13,600 residential consumers yearly and contributes to avoiding 30,000 tonnes of CO2 emissions annually.
Financing for Winnergy was secured through the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB), and Europe Arab Bank.
Mike Scholey, Chief Executive Officer of Globeleq, affirmed the company’s sustained investment in Egypt, highlighting the strategic alignment of Winnergy with Globeleq’s diversified portfolio and its pursuit of further opportunities in green hydrogen, ammonia, solar, wind, and desalination.
British Ambassador to Egypt, Gareth Bayley OBE, praised Globeleq’s enduring support for Egypt’s renewable energy sector and its alignment with the country’s ambitious energy strategy.
Amr Tawakol, Chairman of GILA Altawakol Electric, expressed confidence in the partnership with Globeleq and emphasized their shared commitment to Egypt’s decarbonization goals and global sustainability efforts.
The acquisition of Winnergy reinforces Globeleq’s position as a key player in Egypt’s renewable energy transition and underscores its dedication to driving sustainable energy solutions across the continent. |
