BP’s solar farm operator looks to Egypt with joint venture
Lightsource BP is working with construction firm Hassan Allam Utilities to fund, develop and operate solar projects.
Egypt wants to become a major player in solar power generation, planning to open the world’s largest solar park (1.6 GW peak) in Benban in 2019. That plant will have 41 connected areas for different solar farm installations.
Dev Sanyal, chief executive of BP Alternative Energy, said: “The joint venture gives us 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.”
BP took a 43% stake in Lightsource at the end of 2017 to drive more business in solar cells from BP Solar for the farms.
“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,” said Nick Boyle, CEO and Founder of Lightsource BP.