Solar energy developer Lightsource BP has formed a joint venture with HA Utilities, an arm of construction and engineering group Hassan Allam Holding (HAH), to develop solar energy projects in Egypt.
Lightsource BP powered by Hassan Allam Utilities will fund, develop and operate solar projects locally, offering Egyptian commercial and residential customers solutions in solar energy and energy storage.
The joint venture will leverage Hassan Allam Holding’s 80-year Egyptian construction and engineering expertise and longstanding relationships, as well as Lightsource BP’s track record in delivering utility scale solar projects.
Menatalla Sadek, CEO 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.”
Nick Boyle, CEO and Founder of Lightsource BP, added: “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.”