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."

"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," noted Sadek.

"We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets," he added.

Nick Boyle, the chief executive 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," he added.

Dev Sanyal, the chief executive of BP Alternative Energy, pointed out that the JV had given the group 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," he added.-TradeArabia News Service