Independent Franco-Irish group Amarenco, a producer of green energy on three continents, has acquired leading Jordanian renewable energy company Spectrum International in order to strengthen its presence in the Middle East and North Africa.
The company will be rebranded as Amarenco Jordan following the acquisition as it becomes the main platform for Amarenco's MENA division in Jordan, which has set a capacity target of 200 MW through this latest acquisition.
Amarenco also took over all of Spectrum's current and pipeline projects. The Amman-based company has developed several solar projects in Jordan for commercial and industrial consumers under the build-operate-transfer model, in which a private company builds and operates a solar power plant for a defined period of time. After the construction and operation period, ownership and control of the project are transferred to the government or another designated owner.
The acquisition follows the €300 million ($329.4 million) investment Amarenco received from Arjun Infrastructure Partners in March.
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