Global law firm Norton Rose Fulbright has advised Infinity 50 for Renewable Energy S.A.E. on the finance and project documentation for a 50MW solar PV park in Egypt. The project reached financial close as part of Egypt’s solar feed-in-tariff (FIT) round one, making the project eligible for the FIT round one tariff of $0.1434 per kWh. The Egyptian Electricity Transmission Company is purchasing all electricity from the project under a 25 year power purchase agreement.
Infinity 50 for Renewable Energy S.A.E. is a special purpose vehicle backed by specialist German solar developers ib vogt GmbH and Solizer GmbH & Co. KG, together with local Egyptian partner Infinity for Solar Energy S.A.E. The finance was provided by commercial lenders Arab African International Bank and Bayerische Landesbank, with export credit agency cover being provided by Euler Hermes. The FIT round one required that 85% of the project’s financing be from foreign lenders.
The project will be developed at the New and Renewable Energy Authority 37.2km² new Benban solar park, located 12km west of Benban in the governorate of Upper Egypt, and is scheduled to come into operation in October 2017. The project will be constructed and operated by ib vogt GmbH.
The transaction was led by London partner Chris Down, with support from UAE-based partner Paul Mansouri. The Norton Rose Fulbright team included Of Counsel Jim Jordan, Angela Croker and associates Paddy Mohen and Natasha Kavanagh. Egyptian law advice was provided by Matouk Bassiouny.
Chris Down, a projects partner at Norton Rose Fulbright, commented:
“We are delighted to have had the opportunity to advise Infinity 50 for Renewable Energy S.A.E. on this ground-breaking project, supporting Egypt’s economic growth through renewable energy. The ability of the sponsors to drive the project to financial close in a very compressed timeline was truly impressive and the lessons learned on this pathfinder project will be of enormous value to future renewable energy projects in Egypt.”
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