Globeleq acquires stake in 25 MW Egyptian solar plant

Globeleq, a UK-based independent power company, has acquired a 48.3% stake in a 25 MW solar plant in Egypt.

The Winnergy solar plant, which has been in operation since 2019, is located in Egypt’s gigawatt-scale Benban Solar complex, and is adjacent to Globeleq’s 66 MW ARC solar plant.

Globeleq bought the stake from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. It is now the co-shareholder of the Winnergy facility alongside Egypt’s GILA Altawakol Electric. The two parties will cooperate on the operation of the plant.

The Winnergy plant was developed as part of the second round of the Egyptian government’s feed-in-tariff program. Under a 25-year power purchase agreement with Egyptian Electricity and Transmission Co. (EETC), it provides approximately 58 GWh of clean electricity per year, or enough to provide power to around 13,600 residential consumers.

“The addition of Winnergy is a good fit with our existing portfolio as we pursue additional opportunities in Egypt across green hydrogen and ammonia, solar, wind and desalination,” said Globeleq CEO Mike Scholey.

British Ambassador to Egypt Gareth Bayley said that Globeleq’s acquisition demonstrates how British companies can support Egypt’s energy strategy. The Egyptian government has set a target of reaching 42% of clean energy in its national mix by 2035. 

Globeleq acquired a 75% stake in a solar plant in Mozambique in December 2023 and has since completed a $37 million restructuring of two solar plants in South Africa.