Project Finance Brief Globeleq Acquires a 66 MW Solar Project in Egypt

From: Mercom Capital Group

Globeleq, an independent power company in Africa, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MW solar PV project located at the Benban Solar Park near Aswan, Egypt. The ARC plant was developed by the SECI Energia, Enerray, and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff program. It achieved commercial operation in November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. The project was financed by the International Finance Corporation (IFC), Globeleq’s shareholder, CDC Group (CDC), the Asian Infrastructure Investment Bank, Europe Arab Bank, and Finance in Motion.

France-based solar developer Technique Solaire has acquired a 34 MW ground-mounted solar project in Uttar Pradesh from the Jakson Group and businessman Ravi Goyal. With this acquisition, Technique Solaire’s operational solar capacity in India reaches 68 MW. The project, commissioned in 2017, has a power purchase agreement (PPA) with Uttar Pradesh Power Corporation.

The Indian Renewable Energy Development Agency (IREDA) has disbursed a loan of ~₹11 billion (~$146.43 million) to Vector Green Energy, a Mumbai-based independent power producer focused on solar and wind energy. IREDA said that it is the highest-ever disbursement to a single company in a day. It is also the highest single-day transaction for Vector Green Energy, the Indian green energy platform of Global Infrastructure Partners. The ₹11 billion (~$146.43 million) released of the total ₹13.82 billion (~$183.97 million) will be utilized for Vector Green’s six operational solar projects.


Summit Ridge Energy (SRE), an owner-operator of community solar, has begun construction in Maine on the first of 13 projects acquired from Revision Energy. The community solar portfolio will total 44 MW and operate under the Maine NEB program. The projects are expected to reach commercial operation between 2022 and 2023.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.