A joint venture of solar power companies Amarenco Group and Cairo-based SolarizEgypt has been selected to build clean energy systems in Tarboul Industrial City in Egypt which is being developed by GV Developments.
SolarizEgypt | Amarenco & Co. has signed a contract under which it will invest USD 255 million (EUR 253.63m) in infrastructure and clean energy systems in addition to green hydrogen in the first phase of the construction of the industrial city, GV Developments said last week.
Tarboul City will be built on an area of over 109 million sq m in the Giza Governorate close to investment areas such as Food Technology Valley, Automobile Axis, Engineering Axis, the Textile and Clothing Centre, the Building Materials City, and Chemicals and Plastics City.
The city of Tarboul will be an attractive industry and investment destination and it will be established in six phases over a period of 20 years, said GV Developments' chairman Sherif Hamouda.
More details about the planned investments under the deal with SolarizEgypt | Amarenco & Co. were not disclosed.
SolarizEgypt | Amarenco & Co. was formed after Amarenco Group in February agreed to buy a 74% stake in the portfolio of SolarizEgypt and jointly develop 300 MW of solar assets in the next four years.
(USD 1 = EUR 0.995)
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