Photovoltaic energy producer Amarenco Group has agreed to buy a 74% stake in the portfolio of Cairo-based solar company SolarizEgypt and jointly develop 300 MW of assets in the next four years.
As part of the partnership, the two companies will establish a joint venture called SolarizEgypt | Amarenco & Co. with a planned budget of EGP 4 billion (USD 254.6m/EUR 226.6m) to finance the realisation of the scheme, the companies said on Wednesday.
The joint venture will develop solar projects in Egypt, benefiting from synergies between the two companies and their expertise in the solar energy industry.
SolarizEgypt has been active on the home market for eight years and has signed power purchase agreements (PPAs) for over 50 MW with companies such as Orascom Development Holding, Arabian Cement Company, Coca Cola Bottling, and others.
“The Egyptian energy market is one of the largest markets in Africa and MENA region with ambitious targets for a transition towards renewables and decarbonisation. 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 Amarenco’s chief executive for the Middle East & North Africa Yazan Faouri.
With its global head office in Cork, Ireland, Amarenco is an independent power producer which develops, finances, builds and operates medium to large-scale solar photovoltaic plants in Europe, the Middle East and Asia-Pacific. The company has already invested over EUR 500 million (USD 567.2m) in the development of solar plants and completed more than 2,000 projects.