Dubai, UAE — Amarenco Group, a renewable energy producer, said Tuesday that it has acquired Spectrum International for Renewable Energy Investments, a Jordan-based renewable energy company.
The acquisition includes all operating projects and pipeline of Spectrum, a local developer founded in 2012 by Al-Eqbal Investment.
Following the acquisition, Spectrum will be rebranded as Amarenco Jordan, becoming the main platform for Amarenco MENA in Jordan, with a target to own 200MW.
Spectrum has developed and owns several BOT solar projects in Jordan for commercial and industrial consumers, positioning itself as a leader in the local market.
Amarenco MENA’s acquisition of Spectrum supports the company’s expansion strategy in Jordan and reinforces its commitment to invest in renewable energy projects that contribute to sustainable development, the company said.
Yazan Faouri, CEO of Amarenco MENA, said, “We are excited to announce this acquisition, which strengthens our presence in the Middle East and North Africa region, and reinforces our commitment to invest in the development of renewable energy projects.”
Amarenco has operations in more than 14 countries. The company develops, builds, and operates large and medium-scale solar projects, with more than a billion dollars of investments on average every year.