Amarenco Group and SolarizEgypt announced on Wednesday the establishment of a new partnership in Egypt. This definitive agreement between both parties agrees that Amarenco shall acquire 74 percent of SolarizEgypt’s portfolio and co-develop 300MW of assets at an estimated budget of 4 billion Egyptian pounds ($255 million) in the next four years.
This Joint Venture between both parties is referred to as “SolarizEgypt | Amarenco & Co.”
This acquisition and partnership will leverage both companies’ strong knowledge and expertise to provide the best-in-class services to the Egyptian energy sector.
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 in Solar Development globally, while 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 industry.
“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.” Yazan Faouri, Amarenco CEO in the Middle East and North Africa.
“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.”
Yaseen Abdel-Ghaffar-Founder of Solarize Egypt, said: “This partnership represents a milestone for the renewable sector and is a strong vote of confidence for FDI in Egypt.”
