Amarenco buys solar firm Spectrum International to expand in MENA

Independent solar energy producer Amarenco said today it has acquired Jordan-based Spectrum International for Renewable Energy Investments in a push to strengthen its position in the Arab country and the Middle East.

As part of the deal, the Franco-Irish developer has taken over all operating projects and the pipeline of Spectrum which was set up in 2012 by Jordan-based Al-Eqbal Investment Co.

Spectrum provides design and engineering, operation and maintenance services as well as consultation for solar photovoltaic systems. The Amman-based company has developed and owns several solar projects in Jordan for commercial and industrial consumers under the build-operate-transfer (BOT) model. After the deal, the business will be renamed Amarenco Jordan and will pursue the goal of owning 200 MW.

The acquisition comes about a month after Amarenco secured a EUR-300-million (USD 329.4m) investment from European asset manager Arjun Infrastructure Partners.

(EUR 1 = USD 1.098)

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