Spotlight on Yazan Faouri, CEO at Amarenco Group
Yazan Faouri is the Chief Executive Officer of Amarenco Group in the Middle East and North Africa, overseeing operations in six countries (the UAE, Oman, Saudi Arabia, Jordan, Egypt, and Morocco) with headquarters in Dubai. Prior to joining Amarenco, Yazan served as the Chief Executive Officer of Solar Wadi, one of the first independent Omani power companies that invest in, build, and operate renewable energy power plants. He is also a steering committee member at Joint Forces for Solar, a global synergy of solar stakeholders worldwide. In 2014, Yazan co-founded Oxygen Global Energy, a renewable energy developer based in Jordan, Before that, he served as the director at MESIS, an institute established by the U.S. Department of Energy to implement regional energy and environmental projects. Yazan is a member of the YPO network, and he holds an MBA in Energy & Sustainability from the University of Cumbria and a Bachelor's degree in Political Science from the University of Jordan.
Please describe your role at Amarenco Group as well as your industry expertise.
At Amarenco Group, my role as the CEO for the MENA region is to oversee our operations in six countries and ensure that we continue to grow and provide top-notch renewable energy solutions to our customers. My industry expertise comes from years of experience in the renewable energy sector, including co-founding Oxygen Global Energy and serving as CEO and Vice Chairman at Solar Wadi. I'm passionate about finding sustainable solutions to our energy needs, and I'm proud to be leading a team that shares that vision.
How did your story in renewables begin, and in your opinion, how much has it changed since then, if at all?
I got my start in renewable energy over a decade ago while working with a US Department of Energy. Back then, I was mainly focused on nuclear energy projects, but I quickly saw the potential of renewable energy in terms of sustainability, cost savings, and energy security. In 2014, I founded Oxygen Global Energy before moving on to Solar Wadi and finally becoming the CEO of Amarenco Group in the Middle East and North Africa.
The renewable energy industry has come a long way since I first started out. It used to be a niche market with just a few players, but now it's a mainstream source of energy with tons of investments and government support. Thanks to advancements in technology, economies of scale, and falling costs, the industry has become more mature and more competitive. And with the push towards a low-carbon future, there are more opportunities than ever for growth and innovation.
Can you tell us about your most advanced sector (solution or service) and what sets you apart from other competitors?
We pride ourselves on our commitment to sustainability and ecosystem regeneration. We are one of the first companies in the industry to pledge a share of our funds for the regeneration of the local ecosystems where we operate, promoting biodiversity and environmental preservation. This sets us apart from other competitors as we go beyond simply delivering energy solutions, but also strive to leave a positive impact on the environment and communities where we operate.
Furthermore, we have three divisions at our Group, (Solar, Storage and Agri-solar) with different teams working on the development of solutions for a net zero future. Overall, our commitment to sustainability, and strong local expertise set us apart from other competitors in the renewable energy industry.
What's a recent milestone Amarenco Group has achieved that you would like to share with us?
One recent milestone that we're excited to share is the completion of a new round of capital raising for 300 million euros. This latest round has allowed Arjun Infrastructure Partners to acquire a minority stake in Amarenco, joining a pool of investors from the Crédit Agricole Group and Tikehau Capital who have contributed significantly to our growth since 2020.
On a regional level, we've also made strides with the acquisition of 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 Eqbal Investments. We're proud of these accomplishments and are excited to continue growing and expanding our impact in the renewable energy industry.
What are your expectations for the MENA region in terms of growth and new opportunities for Amarenco Group?
We are very optimistic about the growth prospects for the MENA region in the renewable energy sector. According to a recent report by the International Renewable Energy Agency (IRENA), the MENA region has the potential to produce over 3,200 gigawatts (GW) of renewable energy by 2030, which is equivalent to three times the region's current power capacity. The report also estimates that renewable energy could create up to 600,000 new jobs in the region by 2030.
At Amarenco Group, we see significant opportunities for growth in the MENA region, given the region's abundant solar resources, growing population, and increasing demand for electricity. We are already operating in six countries in the region, and we plan to expand our operations further.
Overall, we believe that the MENA region presents significant growth opportunities for Amarenco Group, and we are committed to playing a leading role in the region's transition to a more sustainable energy future
How does Amarenco Group view the role of MENA’s increasing solar adoption in sustainable transformation to cleaner energy?
At Amarenco Group, we believe that the increasing adoption of solar energy in the MENA region plays a crucial role in the sustainable transformation to cleaner energy. Solar energy is a clean and renewable source of energy that is abundant in the region, and its adoption can significantly reduce the carbon footprint of the energy sector.
As a renewable energy company, we are committed to developing and implementing solar energy solutions across the region. We believe that solar energy can play a pivotal role in accelerating the transition towards cleaner energy, reducing the region's dependence on fossil fuels, and promoting energy security.
Moreover, the MENA region is also witnessing a growing interest in green hydrogen development, which complements the region's solar energy potential. We are actively exploring the development of green hydrogen projects in the region, which will further accelerate the transition to cleaner energy and contribute to a sustainable future.
Open question, is there something you want to add?
Thank you for the opportunity to discuss Amarenco Group and the renewable energy industry. As we continue to expand our operations in the MENA region and beyond, we remain committed to our core values of sustainability, innovation, and social responsibility. For more information, please visit our website www.amarencogroup.com
ABOUT AMARENCO GROUP
Amarenco is a leading independent renewable energy producer operation in more than 16 countries in Europe, the Caribbean, AsiaPac, the Middle East and North Africa.
The company develops, builds, and operates large and medium-scale solar projects, with over 1 billion € of investments on average every year with more than 2,000 solar and solar-powered infrastructures built to date. Amarenco is committed to providing sustainable energy solutions to its clients while simultaneously promoting ecological conservation through its pledge to allocate a share of its funds towards the regeneration of local ecosystems. Currently Amarenco is the owner of the largest Solar-storage battery project in Europe.