BPE Partners closes on three plants with combined 130 MW production capacity in Benban, OC consortium to develop a USD 400 mn 250 MW wind Farm in Ras Ghareb
The push for renewables continues: Our friends at BPE Partners announced yesterday (pdf) that it reached financial close alongside Egypt’s Infinity Solar and Germany’s Ib Vogt gmbH on three solar power plants with a combined production capacity of 130 MW in Benban at a total cost of USD 190 mn. Both the EBRD and IFC were on board for the transaction, which covers projects under the second round of the feed-in tariff program. BPE signaled it has appetite for other opportunities in the sector, with Yehia Omar, head of renewable energy at the firm, noting that, “We envision this to be the start of a growing platform in this sector with Infinity Solar.” Tap here for our roundup yesterday of the flurry of news out of Benban.
It’s not just solar that’s in the spotlight: A consortium of Orascom Construction (OC), Engie, and Toyota Tsusho Corporation / Eurus Energy Holdings are developing a 250 MW wind farm with a total cost of around USD 400 mn in Ras Ghareb. The project will be developed on a BOO basis under a 20-year power purchase agreement with the Egyptian Electricity Transmission Company. OC holds a 20% stake in the project, which is set to be financed by Japan Bank for International Cooperation in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance cover. The project is set to reach financial close by the end of 2017 end and construction to be completed 24 months after. Engie also announced the news in a press release that notes the company is also “looking to extend its energy services activities and its offer for sustainable cities, taking the opportunity of the Government’s ‘New Cairo’ and ‘New urban planning of Suez canal area’ programs.”