PV developer Lightsource BP has formed a joint venture (JV) with HA Utilities, an arm of Egyptian construction and engineering group Hassan Allam Holding (HAH), to develop utility-scale solar projects in Egypt.
The JV will also offer solar and energy storage solutions to commercial and residential customers.
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Menatalla Sadek, CEO of HA Utilities, added: “Our business model will allow us to build sizeable renewable platforms by capitalizing on the strong relationships, financing capability and technical know-how of the two partners and of our management teams.”
Nick Boyle, CEO and Founder of Lightsource BP, said: “Projects in emerging markets are not just yield plays, they’re growth plays to power fast-growing economies and populations. We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets.”
Hassan Allam Holding is a leading Egyptian engineering and construction group whose primary operations include infrastructure, power, industrial, petrochemical and special building projects in Egypt and the MENA region.
Egypt’s 1.6GWp solar park in Benban is set to operate in 2019 and the country is targeting 20% renewables in its energy mix by 2022.