Hassan Allam Utilities, the utilities arm of Egyptian engineering group Hassan Allam Holding, will set up a joint venture (JV) with Lightsource BP, a renewable energy development firm, for new projects, Invest-Gate reports.

“Lightsource BP powered by Hassan Allam Utilities will fund, develop and operate solar projects locally, offering Egyptian commercial and residential customers world-class solutions in solar energy and energy storage,” according to a press release.

The statement did not reveal any details regarding the size of investments.

“We are very excited to partner with Lightsource BP to further develop our business in Egypt. Renewable energy is a natural fit with Hassan Allam Holding’s existing construction, engineering, and building materials division,” Amr Allam Chairman of Hassan Allam Utilities said.

Egypt is set to become a global leader in solar power generation. Renewable power is targeted to account for 20% of Egypt’s energy mix by 2022.

“Projects in emerging markets are not just yielding plays, they’re growth plays to power fast-growing economies and populations. 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 has said.