Phoenix Benban Solar Plant

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The project entails the construction, development and operation of a 50 MW solar PV plant within Egypt’s New and Renewable Energy Agency (NREA)’s 37.5 km2 Benban 1.8 GW PV solar park comprising 39 separate PV plots near Benban village, close to Aswan city, in the Aswan Governorate of Upper Egypt. Phoenix Power 1 SAE is the project company that will undertake the project development and is sponsored by Phoenix Energy Holding (51%), Infinity Solar (23.8%), Vogt Solar (23.8%) and Cedrus Enterprises Holding (1.4%). IB Vogt will undertake the EPC contract and O&M of the plant. This is a greenfield project initiated under a BOO modality. The project company was awarded the contract on a license scheme with a predetermined tariff rate. The state-owned Egyptian Electricity and Transmission Company will offtake power from the project under 25-year PPA. Required investment for the plant is estimated at $73.74 million and is being funded via 81:19 debt to equity. IFC is providing $18.4 million and syndicating a further $41.6 million. The balance will be covered by equity. Green for Growth Fund and Asian Infrastructure Investment Bank each provided $15 million and CDC Group $11.6 million. https://ijglobal.com/data/transaction/38654/phoenix-benban-pv-solar-plant-50mw Vogt Solar to be added to sponsors' list with 23.8%