GLOBELEQ ACQUIRES THE 25 MWp WINNERGY SOLAR PV PLANT IN EGYPT

LONDON and CAIRO, April 23, 2024 /PRNewswire/ -- Globeleq, the leading independent power and energy transition company in Africa, announces it has completed the acquisition of a 48.3% equity stake in the 25 MWp Winnergy solar PV plant (Winnergy) in Egypt from Enerray, Enerray Global Solar Opportunities and Desert Technologies. The plant, which is in operation, is located within Egypt's flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq's 66 MWp ARC solar plant.

GILA Altawakol Electric (Altawakol), a leading Egyptian group in electrical engineering, equipment manufacturing and services, remains the co-shareholder and operations and maintenance contractor. Globeleq and Altawakol have worked together since 2019 and will continue to cooperate on the asset management and operation of the plant.

The Winnergy plant was originally developed as part of the second round of the Egyptian government's Feed-in-Tariff program. Commencing operations in 2019, it provides approximately 58 GWh per year of clean electricity to the Egyptian Electricity and Transmission Company (EETC), under a 25-year power purchase agreement. This is sufficient to power around 13,600 residential consumers annually, thereby avoiding 30,000 tonnes of CO2 emissions.

Winnergy was financed by the International Finance Corporation (IFC), British International Investment (BII), the Asian Infrastructure Investment Bank (AIIB) and Europe Arab Bank.

Mike Scholey, Chief Executive Officer of Globeleq, commented:
"This transaction confirms Globeleq's long-term commitment to Egypt where the company has been investing for 20 years.  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. Egypt is committed to an ambitious energy transition programme and we look forward to playing our part."

Gareth Bayley OBE, British Ambassador to Egypt, added:
"Globeleq's ongoing commitment to the Egyptian renewable energy market demonstrates how British companies continue to support Egypt's ambitious energy strategy through investment in the renewable energy sector and the energy transition."

Amr Tawakol, Chairman of GILA Altawakol Electric, said:
"It gives us great pleasure to partner with a highly regarded company such as Globeleq.  We look forward to leveraging their extensive experience to optimize the performance of the Winnergy asset. Gila continues to be committed to Egypt's, and the global mission, of decarbonization."

About Globeleq
Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating 1,794 MW in 17 locations across seven countries, with a further 485 MW in construction and more than 2,000 MW of power projects in development. More details at www.globeleq.com.

In Egypt, Globeleq is leading the development of a large-scale green hydrogen and green ammonia project, following the signing of a binding Framework Agreement at COP27 with the Sovereign Fund of Egypt, EETC, NREA and the Suez Canal Economic Zone. 

About Gila Altawakol Electric S.A.E:
For nearly a decade, Gila Altawakol Electric has been one of the leading companies in the Egyptian solar energy sector, developing, constructing and operating utility scale projects.  The company currently operates 200 MW of solar PV plants and maintains 133 MW capacity of projects using the highest industry standards. 

Since 2019 it has successfully engaged in 146 MW of solar PV EPC contracts.  Gila Altawakol Electric is an Egyptian local family business and a leader across the electrical products' manufacturing and trading sectors and has Schneider Egypt as a key partner. The company is actively contributing to the Egyptian government's Go Green initiative which aims to reach 42% of clean energy by 2035.

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