Amarenco Group announced the acquisition of a Jordanian-based renewable energy company, Spectrum International for Renewable Energy Investments. The acquisition includes the operating projects and pipelines of Spectrum, an independent developer founded by Al-Eqbal Investment in 2012.
Spectrum is a market leader, having developed and owned several BOT solar projects in Jordan. These projects are for industrial and commercial consumers. Amarenco MENA’s acquisition of Spectrum supports Amarenco MENA’s expansion strategy in Jordan and reinforces the company’s commitment to investing in renewable energy projects which contribute to sustainable growth.
Yazan Faouri said, “We are thrilled to announce this acquisition. It strengthens our presence and commitment to investing in renewable energy projects in the Middle East, North Africa, and beyond. Spectrum’s team is a welcome addition to our organization. We look forward to expanding our presence in Jordan, and the region.”
After the acquisition, Spectrum Jordan will become the main platform of Amarenco MENA Jordan with a goal to own 200MW.
Stuart Brazier said, “We are pleased to have completed this transaction and wish Amarenco Jordan an exciting future. Stuart Brazier is the Director of Al-Eqbal Investment. Spectrum is a result of hard work and dedication. We are confident that Amarenco will help us achieve even greater success.”