Hassan Allam Holding (HAH) and Lightsource BP formed a joint venture to develop solar energy products on Tuesday.
"Lightsource BP powered by Hassan Allam Utilities will fund, develop and operate solar projects locally, offering world-class solutions to domestic and commercial Egyptian customers in solar energy and energy storage," read an official statement by both firms released on Tuesday.
No details as to the size of the investment were given.
Egypt is set to become a global leader of the solar power generation, with the Benban Solar Project — the largest of its kind in the word with a full-load sustained output of 1.6 gigawatts-peak — projected to begin operation in Aswan in 2019.
Renewable power is targeted to account for 20 percent of Egypt's energy mix by 2022.
The advantages of investing in Egypt's solar power are twofold, according to co-CEO of HAH Hassan Allam, who highlights the offer of "steady income streams, that smooth out the traditionally cyclical revenues of our existing businesses," and adds the further attraction of "high growth potential," since there is a high demand for renewable energy in emerging markets that "leapfrogs" that of developed economies.
"We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets," added Nick Boyle, CEO and Co-founder of Lightsource BP.
Lightsource BP was established in 2010, and rapidly grew to become the largest utility-scale solar developer, and largest operations and maintenance services provider in Europe, with over US$3 billion of capital invested across 2 gigawatts of solar projects globally.