The board of the Egyptian private equity group, B Investments Holding, has approved the divestment of its stake in Infinity Solar power projects (Infinity Solar 1, 2, and 3) in Benban Solar Park for $8.25 million, marking a full exit from renewables. The Board also authorized Hazem Barakat, the company’s Chairman, to undertake all necessary actions and legal procedures to finalize the transaction, the company said in a disclosure to the Egyptian Stock Exchange (EGX).
The company acquired the three power plants in 2017 through a partnership with Egypt’s Infinity Solar Energy and international developer Ib Vogt. The project, which has a combined capacity of 130 MW, was financed through a mix of equity and debt provided by international development institutions, including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), according to B Investments website. The total investments in the project -by B Investments and its partners- stood at $190 million. The share of Binvestments in this sum is unclear.
With this transaction, the company’s current portfolio no longer includes investments in renewables and the energy sector at large,,as shown on its website. In December 2022, the company sold its entire 6.38% stake in TotalEnergies Marketing Egypt for a total consideration of $27.6 million.
Established in 2006, B Investments is an Egypt-based private equity firm with an investment portfolio including Madinet Nasr for Housing and Development (MNHD), Basata e-payments, El Ezaby Pharmacies and food retailer Gourmet,
