Europe’s Amarenco acquires majority stake in SolarizEgypt

SolarizEgypt, Amarenco Group sign USD 255 mn acquisition + JV agreement: European solar player Amarenco Group is acquiring 74% of independent power producer SolarizEgypt’s portfolio, establishing a joint venture that will co-develop 300 MW of solar power projects worth EGP 4 bn over the next four years, a jointstatement (pdf) says.

SolarizEgypt has a portfolio of over 50 MW of signed solar power purchase agreements with firms including Orascom Development Holding, Arabian Cement Company, Coca Cola Bottling, and others operating in various industries, according to the press release. The independent power producer builds captive systems for corporations.