Renewable energy producer Amarenco, which operates across three continents, has acquired Spectrum International, a renewable energy company in Jordan. The Franco-Irish company will rebrand the Jordanian firm as Amarenco Jordan, as it aims to expand its presence in the Middle East and North Africa (MENA) region.
With this acquisition, Amarenco's MENA division in Jordan has set a capacity target of 200 MW. The company will also take over all of Spectrum's current and pipeline projects, further solidifying its position in the region.
See also: Jordan Aims to Reach 50% Renewable Energy in its Energy Mix by 2030
Spectrum International has successfully developed a number of solar projects in Jordan under the build-operate-transfer model. This involves a private company building and operating a solar power plant for a specified period of time before transferring ownership to the government or another designated owner.
The acquisition comes on the heels of Amarenco's €300 million ($329.4 million) investment from Arjun Infrastructure Partners in March. This latest move by the company underscores its commitment to expanding its green energy footprint in the MENA region and beyond.
As the world increasingly turns to renewable energy sources, companies like Amarenco are poised to play a pivotal role in the transition away from fossil fuels. By strategically acquiring companies like Spectrum International, Amarenco is strengthening its position in key markets and advancing its goal of building a sustainable energy future.
