Globeleq, a leading independent power company in Africa, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar photovoltaic (PV) plant located at the Benban Solar Park near Aswan, Egypt. The SECI Energia, Enerray, and Desert Technologies consortium developed the ARC plant as part of the Egyptian government’s feed-in-tariff programme’s second round.
Under a 25-year power purchase agreement, it commenced commercial operation in November 2019 and currently produces clean electricity for the Egyptian Electricity and Transmission Company. The International Finance Corporation, Globeleq’s shareholder, CDC Group, the Asian Infrastructure Investment Bank, Europe Arab Bank, and Finance in Motion contributed to the project’s funding. Globeleq will also provide asset management services to ARC and supervise GILA Al Tawakol, the operation and maintenance contractor. Globeleq assisted the original developers and financiers in obtaining the final takeover certificate under the engineering, procurement and construction contracts and ensuring the project’s optimal performance during the purchase process. As per the reports, ARC will be linked to Globeleq’s remote monitoring centre in Cape Town, South Africa.
Globeleq has been investing in the renewables sector since 2002 and has since operated several large-scale solar and wind plants in South Africa. Globeleq continues to expand and currently owns and operates nine PV and wind projects across the continent. It is nearing completion of its 52 MWp Malindi solar plant in Kenya and recently broke ground on a 19 MWp solar plus 2 MW battery energy storage project in Mozambique, where it also prequalified for a solar tender and is developing two new wind projects.
