Lightsource BP, a global renewable energy development firm, has formed a joint venture (JV) with HA Utilities, a part of Egyptian construction and engineering group Hassan Allam Holding (HAH), for development and long-term operation of solar projects in Egypt.
Apart from developing and operating solar projects, they will also offer solar energy and energy storage solutions to commercial and residential customers.
“We are very excited to partner with Lightsource BP to further develop our business in Egypt. Renewable energy is a natural fit with HAH’s existing construction, engineering, and building materials divisions,” said Amr Allam, Co-CEO of HAH in a media statement.
Egypt is expected to achieve 20 percent renewable energy by 2022 in its energy mix. The world’s largest solar park with a capacity of 1.6 GW is set to become operational in Benban by 2019.
Nick Boyle, CEO and Founder of Lightsource BP commented on the development as saying, “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.”
Recently, Lightsource BP completed its first utility scale solar project in India. The project has been developed in Wagdari, located in the state of Maharashtra.
Mercom also reported previously that Lightsource BP and investment firm Everstone Group have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.
In 2017, Lightsource Renewable Energy and UK Climate Investments, part of the Green Investment Group within Macquarie Infrastructure and Real Assets (MIRA), entered into an agreement to form a partnership platform to fund the development, acquisition, and ownership of large scale solar power generation assets in India.
According to Mercom’s Q4 and Annual 2017 Solar Funding and M&A Report, Lightsource Renewable Energy secured $200 million in investment from BP, a British multinational oil and gas company, for a 43 percent equity share in Lightsource.