Irish-based renewable energy company, Amarenco Group, has just concluded an agreement with SolarizEgypt to acquire 74% of SolarizEgypt’s portfolio and co-develop 300MW of assets at an estimated budget of 4 billion Egyptian Pounds (US$255 million) in the next four years.
The Joint Venture between both parties is referred to as “SolarizEgypt | Amarenco & Co”. According to the parties, the acquisition and partnership will leverage both companies’ strong knowledge and expertise to provide the best-in-class services to the Egyptian energy sector.
“The Egyptian Energy market is one of the largest markets in Africa and the MENA region with ambitious targets for a transition towards renewables and decarbonization. We at Amarenco are committed to investing heavily in the Egyptian market to provide the local community with cleaner, sustainable, and cheaper sources of electricity,” said Yazan Faouri, Amarenco CEO in the Middle East & North Africa.
The new Joint-Venture will invest in developing solar energy projects in Egypt. As a result, clients will be offered a clean source of electricity at a discounted rate, which will help them be more competitive and reduce their carbon footprint.
Amarenco invested more than 500 million euros in solar developments globally, and Solarize is already well-established and one of the market leaders in its segment. The synergies will allow the Joint-venture to consolidate its position within the fast rising Egyptian renewables industry.
Commenting on the partnership, Yaseen Abdel-Ghaffar, Founder of SolarizEgypt said; “We’ve seen time and time again that partnerships between strong local players that possess the market knowledge and depth coupled with international players that have the financial muscle and scaling expertise are where the magic happens. This partnership represents a milestone for the renewable sector and is a strong vote of confidence for FDI in Egypt.”