July 24, 2018 / 8:42 AM / 4 months ago

Lightsource BP forms Egyptian solar project JV

LONDON, July 24 (Reuters) -

* UK-based Lightsource BP, Europe’s biggest solar energy developer, is entering a joint venture with construction and Egyptian engineering group Hassan Allam Holding (IPO-HAHS.CA) to develop, operate and fund utility scale solar projects in Egypt, it said on Tuesday.

* Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022.

* “We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets,” Nick Boyle, CEO and Founder of Lightsource BP said in a statement.

* No details on the size of investment in the joint venture were given.

* Oil major BP acquired a 43 percent stake in Lightsource last year. (Reporting By Susanna Twidale; Editing by Kirsten Donovan)

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