Terra Sola plans $3.5 billion Egypt solar investment
The Bahrain-based company will develop an integrated project of up to 2,000 MW on a build-own-operate (BOT) basis, it said on its website.
It signed a Memorandum of Understanding (MoU) with the Egyptian Electricity Holding Company (EEHC), a joint stock company owned by the Egyptian government, on the sidelines of the Egypt Economic Development Conference in Sharm El Sheikh last week.
Terra Sola is a consortium of Terra Sola Ventures (Terra Sola), a German-owned company headquartered in Bahrain that is an investor and developer of specialized solar power projects in the Middle East and North Africa (MENA) region, and Terra Nex Financial Engineering (Terra Nex), a Swiss wealth management company which specializes in asset management and venture capital activities.
Under the agreement Terra Sola will build photovoltaic (PV) power plants totalling a capacity of 2,000MWp across Egypt.
Part of the $3.5bn investment will go towards building a factory to develop modules and inverters for the solar plants.
The consortium has also agreed to set up a knowledge transfer initiative through education, qualification and training programs for Egyptian nationals and will establish a fund to extend financial support to the existing Egyptian SME sector. ■