From pv magazine Germany.
Ib Vogt has completed three PV plants with a cumulative generation capacity of 166.5 MW in Aswan, Egypt to finish the German developer’s 230.6 MW contribution to the Benban solar park.
The first part of the ib vogt Benban portfolio was connected in February 2018 and the whole development covers more than 270 hectares and benefits from the second round of Egypt’s feed-in tariff program, the company stated yesterday.
The solar power generated by the facility will be supplied to grid operator EETC through a 25-year power purchase agreement. It is expected the ib vogt capacity at Benban, with more than 500,000 solar modules, will produce more than 400,000 MWh of solar power annually – enough to supply 127,000 Egyptian households. The developer is responsible for operation and maintenance of the installation.
Ib vogt and its partners secured debt financing of $146 million for the project in October 2017 from the European Bank for Reconstruction and Development, Dutch development bank FMO, the Green Climate Fund, the International Finance Corporation, the Asian Infrastructure Investment Bank and CDC Group.
Benban is set to consist of PV plants with a cumulative generation capacity of 1.8 GW, making the solar complex one of the largest in the world. It will help Egypt meet 20% of its electricity demand from renewables by 2022.