|Type of Transaction||Buyout|
In partnership with Egyptian renewable energy player Infinity Solar Energy SAE and international solar developer and EPC contractor Ib Vogt, B Investments bought a portfolio of three solar power generation plants located in Ben Ban, Egypt with a total capacity of 130 MW. Acquired in 2017, the USD 190 million investment is financed through equity and debt from international development finance institutions including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). Additionally, these solar projects are part of the second round of the Ministry of Electricity’s Feed-in Tariff (FiT) program to encourage the development of renewable energy resources in the country as well as private sector involvement in energy generation. The assets have secured long-term sales agreements with the Egyptian government, and payments are secured by the Ministry of Finance. The projects are expected to offset over 300,000 metric tons of green-house gasses annually.
The three projects completed all technical and contractual requirements, enabling them to commence operation.