ib vogt sells share in Infinity 50 solar plant

Germany’s ib vogt GmbH announced on 15 September that it has sold its 64.1% share in the 50MW Infinity 50 Solar PV project to Abu Dhabi Future Energy Company (Masdar).The plant is located in the giant Benban solar complex.The two companies also signed agreements stating Masdar’s intention to acquire ib vogt’s share in three other Benban solar PV projects with combined capacity of 166.5MWp.

Ikarus Capital Advisory Ltd and Norton Rose Fulbright LLP were the financial and legal advisers for the transaction.

Infinity 50 was one of just three projects to go ahead in the troubled first round of Egypt’s solar feed-in tariff programme (AE 330/7, 327/7, 306/12). Its 200,000 solar panels, which cover an area of 98.6ha, produce around 110GWh/yr. Commissioned in February 2018, Infinity 50 is also owned by Infinity Solar SAE and Solizer.

Masdar said the deal marked its first collaboration with Infinity Energy under the Infinity Power platform announced this year to pursue renewable energy opportunities in Egypt and elsewhere in Africa. Infinity Vogt Services will continue to provide operation and maintenance services for the 230MWp portfolio at Benban.