Hassan Allam Utilities and Lightsource BP form solar energy JV
FIRST LOOK- Hassan Allam Utilities and Lightsource BP form solar energy JV: Hassan Allam Holding subsidiary Hassan Allam Utilities (HA Utilities) will form a joint venture with global solar energy developer Lightsource BP that will fund, develop and operate solar energy projects in Egypt, the two parties said in a statement (pdf) out this morning. “We are very excited to partner with Lightsource BP to further develop our business in Egypt,” Hassan Allam Holdings Co-CEO Amr Allam said. “[The JV] 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,” he 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,” HA Utilities CEO Menatalla Sadek noted.
Lightsource BP sees EMs as more than a portfolio play, championing EM FDI: On a strategic level, Lightsource BP CEO and Founder Nick Boyle appreciates the importance of emerging markets, and Egypt specifically, as an opportunity to build long-term projects that play on macro fundamentals. “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,” he says.