With the purchase of Spectrum International, Amarenco Group strengthens its presence in the Middle East and North Africa, where it aims for 200 MW.
The company will be renamed Amarenco Jordan after the acquisition, as it will become the main platform for Amarenco’s MENA division in Jordan, which has set a capacity target of 200MW with 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 using a build-operate-transfer model, where a private company builds and operates a solar power plant for a specified period of time. After the construction and operation period, ownership and control of the project is transferred to the state or another designated owner.
The acquisition follows a €300 million ($329.4 million) investment Amarenco received from Arjun Infrastructure Partners in March.