Hassan Allam Holding And Lightsource BP JV To Develop Solar Projects In Egypt
HA Utilities, the utilities arm of leading regional construction and engineering group Hassan Allam Holding (HAH) is entering a joint venture (JV) with Lightsource BP, a global leader in the funding, development and long-term operation of solar energy projects.
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.
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 in 2019. Renewable power is targeted to account for 20% of Egypt's energy mix by 2022.
The JV will leverage Hassan Allam Holding's impressive 80-year Egyptian construction and engineering expertise and longstanding relationships, as well as Lightsource BP's track record in delivering utility scale solar projects around the world.
Commenting on the joint venture Amr Allam, Co-CEO 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. Renewable energy is a natural fit with HAH's existing construction, engineering, and building materials divisions. 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".
Menatalla Sadek, CEO of HA Utilities, added: "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. Lightsource BP ticks all the boxes we were looking for in a JV partner to pursue very exciting opportunities in our region. The cultural fit between the two partners is very strong and this will ensure long term alignment and success".
Nick Boyle, CEO and Founder of Lightsource BP, said: "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. We are delighted to partner with HAH to realize this venture as their entrepreneurial culture and regional ambitions are an ideal match with ours".
Dev Sanyal, chief executive, BP Alternative Energy, said: "The JV gives us a unique opportunity to bring solar energy at scale to a market that is ready for growth. BP's reputation and history of operating in Egypt puts us in a great position to deliver competitive renewable energy alongside our existing operations".