Dubai: Amarenco Group, a leading independent renewable energy producer, announced that it has acquired Spectrum International for Renewable Energy Investments, a Jordanian-based renewable energy company. The acquisition includes all operating projects and pipeline of Spectrum, a local developer founded in 2012 by Al-Eqbal Investment.

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.

Commenting on the acquisition, 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. We are pleased to have Spectrum's team join our organization and look forward to working together to expand our presence in Jordan and the wider region."

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.

"We are delighted to have concluded this transaction and wish Amarenco Jordan a prosperous future," said Stuart Brazier, Director at Al-Eqbal Investment. "Spectrum's success is the result of hard work and dedication, and we are confident that Amarenco's expertise will bring about even greater success."

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About Amarenco Group

Amarenco is a leading independent renewable energy producer with operations in more than 14 countries. The company develops, builds, and operates large and medium-scale solar projects, with over a over 1 billion € of investments on average every year! Amarenco is one of the first companies to pledge to allocate a share of its fund for the regeneration of the local ecosystems.

For more information, please contact:
Waleed Hallaj 
Head of Business Development MENA
waleed.hallaj@amarencogroup.com