Photovoltaic energy producer Amarenco Group has agreed to buy a 74 percent stake in Cairo solar company SolarizEgypt’s portfolio and jointly develop 300 megawatts of assets over the next four years.

As part of the partnership, the two companies will form a joint venture called SolarizEgypt | Amarenco & Co., with a planned budget of 4 billion Egyptian pounds ($254.6 million/€226.6 million), to finance the implementation of the program.

The joint venture will develop solar projects in Egypt, benefiting from the synergies between the two companies and their expertise in the solar industry.

SolarizEgypt has been active in the domestic market for eight years and has signed power purchase agreements (PPAs) of over 50 MW with Orascom Development Holding, Arabian Cement Company, Coca-Cola Bottling and more.

Yazan Faouri, CEO of Amarenco MENA, said: “The Egyptian energy market is one of the largest in Africa and the MENA region, with ambitious goals to transition to renewable energy and decarbonization. We at Amarenco are committed to Investing heavily in the Egyptian market to provide local communities with a cleaner, sustainable and cheaper source of electricity.”

Globally headquartered in Cork, Ireland, Amarenco is an independent power generator that develops, finances, constructs and operates medium to large solar photovoltaic power plants in Europe, the Middle East and Asia Pacific. The company has invested more than 500 million euros ($567.2 million) in developing solar power plants and completed more than 2,000 projects.

(1.0 Egyptian Pound = 0.063 USD / 0.056 EUR) (1 EUR = 1.134 USD)