Amarenco enters a JV with SolarizEgypt to co-develop 300MW solar assets in Egypt
As a precursor to co-development, Amarenco acquires 74% of SolarizEgypt portfolio.
Amarenco is a French independent power producer who has invested over £500 million in solar development globally. SolarizEgypt occupies a leading position in the Egyptian energy sector with an installed capacity of 50 megawatts. Hence, the joint venture partnership will consolidate both parties' strengths for the co-development of 300 megawatts of assets at an estimated cost of 4 billion Egyptian Pounds in 4 years. This development will provide commercial and industrial customers in Egypt with a cleaner source of electricity at below-market-rate and facilitate carbon emission reduction in the country.
The partnership is strategic for Africa and MENA(the Middle East and North Africa) region, positioning them to transition fully to renewable energy and achieve carbon-free status. Also, the discounted price offering will afford Egyptians the capacity to enjoy cleaner and sustainable electricity.
Highlights of Egypt
GDP: $363.1 billion as at 2020
Population: 102.3 million as at 2020
Access to electricity: 100% as at 2019
Total renewable energy capacity: 4.7% as at 2018
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