- Amarenco and SolarizEgypt to develop a 300MW solar power portfolio in Egypt.
- Amarenco will acquire 74 per cent of SolarizEgypt’s portfolio.
Irish energy company Amarenco has signed an agreement with SolarizEgypt to jointly develop a 300MW solar power portfolio for commercial and industrial (C&I) customers in Egypt.
The Cairo-based company has signed power purchase agreements (PPAs) with several commercial and industrial (C&I) customers, such as Arabian Cement Company, Coca Cola Bottling, and Orascom Development Holding. SolarizEgypt is thus among the leaders in the solar C&I segment in Egypt.
Under the agreement terms, Amarenco will acquire 74 per cent of SolarizEgypt’s portfolio. The two companies are expected to jointly invest 4 billion Egyptian pounds (nearly $255 million) over the next four years.