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Amarenco Group acquires a 74% stake in SolarizEgypt. Both the companies together will develop a 300 MW capacity of assets with 4 billion EGP in 4 years duration. The joint venture is entitled “SolarizEgypt | Amarenco & Co.”
Amarenco Group is a leading solar IPP active in Europe, the Middle East, and Asia-Pacific. The company design, develop, finance, acquire, build and operate medium to large scale solar photovoltaic infrastructures and have completed more than 2,000 projects to date.
“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,” said Yazan Faouri, Amarenco CEO in the Middle East & North Africa.
Amarenco Group is also implementing the largest storage project in Europe and bringing energy production and consumption closer through the digital development of short supply circuits.
“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,” said Yaseen Abdel-Ghaffar-Founder of Solarize Egypt.
SolarizEgypt, a significant player in the Egyptian solar energy market for the past 8 years, has secured a portfolio of more than 50 MWs of signed PPAs with major conglomerates such as Orascom Development Holding (El Gouna & Makadi heights), Arabian Cement Company, Coca Cola Bottling, and other esteemed companies in different industries. SolarizEgypt’s Holdco has positioned itself as a utility platform with additional business lines and subsidiaries in water desalination, waste management, and residential solar.