Amarenco Group acquires 74% of SolarizEgypt’s portfolio and sign agreement to co-develop 300MW of assets at an estimated budget of 4 billion EGP in the next four years in a joint venture. This joint venture between both parties is referred to as “SolarizEgypt | Amarenco & Co.”
This acquisition and partnership 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.
“The Egyptian energy market is one of the largest markets in Africa and 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,” Yazan Faouri, Amarenco CEO in the Middle East & North Africa, said.
Amarenco invested more than 500 million euros in solar development globally, and SolarizEgypt 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.
“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,” Yaseen Abdel-Ghaffar, Founder of SolarizEgypt, said.
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