Lightsource BP to create Egyptian solar JV with HA Utilities

Solar panel installation in Egypt. Source: EBRD (www.ebrd.com).

July 24 (Renewables Now) - Lightsource BP will set up a joint venture with the utilities arm of regional construction and engineering group Hassan Allam Holding (HAH) to fund, develop and operate utility-scale solar projects in Egypt, it was announced on Tuesday.

The JV will offer solar power and energy storage solutions to local commercial and residential customers. The new entity will make use of Hassan Allam Holding’s 80-year Egyptian construction and engineering expertise and current relationships, the announcement says.

“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,” said Menatalla Sadek, CEO of HA Utilities. Nick Boyle, CEO and founder of Lightsource BP, added that the company sees “exciting potential” in Egypt.

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