JV For Solar Development In Egypt

• Amarenco and SolarizEgypt have launched a joint venture for solar energy in Egypt
• Amarenco will acquire 74% of the Egyptian company's portfolio and co-develop 300 MW capacity in Egypt for EGP 4 billion over next 4 years
• The French IPP said it will invest heavily in the Egyptian market as the country looks to decarbonize itself

French independent power producer Amarenco and Egyptian solar energy company SolarizEgypt have launched a joint venture (JV) aiming to co-develop 300 MW of solar energy assets in Egypt over the next 4 years.

Amarenco says it will acquire 74% of SolarizeEgypt's portfolio as per the definitive agreement signed, and work on the capacity through the JV SolarizeEgypt I Amarenco & Co. The partners expect this capacity to be realized with an estimated budget of EGP 4 billion ($255 million).

According to a company statement, through the new JV they will be able to offer clean electricity at a discounted rate which will enable them to become more competitive and reduce their carbon footprint. SolarizEgypt counts its portfolio as exceeding 50 MW with power purchase agreements (PPA) signed with various commercial and industrial (C&I) enterprises.

"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 Amarenco CEO in the Middle East & North Africa, Yazan Faouri.