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Hassan Allam JV to implement large solar projects

Thursday 26 July 2018 11:18 AM

solar power projects in Egypt
solar power projects in Egypt

HA Utilities, the utilities arm of leading regional construction and engineering group Hassan Allam Holding (HAH) is entering a joint venture with UK-based Lightsource BP to develop and operate utility scale solar projects across Egypt.

A global leader in the funding, development and long-term operation of solar energy projects, Lightsource BP has a solid track record in delivering utility scale solar projects around the world.

Lightsource BP powered by Hassan Allam Utilities will fund, develop and operate solar projects locally, offering Egyptian commercial and residential customers world-class solutions in solar energy and energy storage, said a statement from the UK-based company.

Egypt is set to become a global leader in solar power generation as the world’s largest solar park (1.6 Gigawatts-Peak) in Benban is set to operate next year. Renewable power is targeted to account for 20 per cent of Egypt’s energy mix by 2022.

Commenting on the joint venture, Amr Allam, the co-chief executive of Hassan Allam Holding (HAH) and chairman of HA Utilities, said: "We are very excited to partner with Lightsource BP to further develop our business in Egypt. It offers both steady income streams that smooth-out the traditionally cyclical revenues of our existing businesses coupled with high growth potential as demand for renewable energy in emerging markets leapfrogs that of developed economies”.

Renewable energy, he stated, was a natural fit with HAH’s existing construction, engineering, and building materials divisions.

Menatalla Sadek, the chief executive of HA Utilities, said: "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."