Terra Sola outlines plan for $3.5bn Egypt Solar Project

Manama: The US$3.5 billion Solar Power Project, an integrated project of up to 2,000MWp solar capacity, in Egypt is in the advanced stages of development with a ready to go implementation plan, announced Bahrain-based Terra Sola Ventures (Terra Sola) yesterday.

To outline the plan, Terra Sola, led by its subsidiary Terra Sola Egypt, has held a discussion with Major General Ahmed Abdullah, Governor of the Red Sea province in Hurghada, Egypt.

The Governor reiterated his support for renewable energy and for solar in particular. He stressed that Terra Sola’s project was on the top of his agenda for implementation when he assumed responsibility for the province.

Terra Sola signed the Memorandum of Understanding for the development with the government of Egypt in March 2015. The project is currently in an advanced stage of development with a ‘ready to go’ implementation plan to invest approximately US$3.5 billion to develop and build an integrated project of up to 2,000MWp solar capacity in various phases on a Build-Own-Operate-Transfer (BOOT) basis in Egypt.

Terra Sola is an investor and developer of solar power projects in the Middle East and North Africa (MENA) region.

Commenting on the project, David Heimhofer, Chairman, Terra Sola said, “Bahrain’s business friendly environment has helped us immensely in our regional growth strategy. From our Bahrain headquarters, Terra Sola has made solid inroads into the MENA markets.”

“The Project is being developed by our Cairo-based subsidiary, Terra Sola Egypt and uses the knowhow of our German technology providers and partners,” added Heimhofer.