Terra Sola consortium is planning to construct a 200MW PV module plant in Egypt.
The international consortium of large solar power and engineering firms is developing the US$3.5bn project which involves construction of the Egyptian solar plants that will generate 2GW of power with the Egyptian government. The solar project will be constructed in three phases.
The consortium comprises Bahrain-based Terra Sola Ventures (Terra Sola), Hareon Solar Technologies, RWE New Energy, Swiss wealth management company Terra Nex, and a number of German tech companies including the LTi ReEnergy.
In 2015, Terra sola signed a memorandum of understanding (MoU) with the state-run Egyptian Electricity Holding Company (EEHC) to develop and construct a large-scale solar power project. David Heimhofer, Terra Sola chairman signed the MoU together with Ahmed Moustafa Emam, EEHC chairman in the presence of senior management from Terra Sola and Terra Nex as well as dignitaries from the Egyptian government.
However, Switzerland-based Company, Terra Nex is managing the planned projects funding which comprises of German investors. Hareon Solar Technologies, will supply solar modules for the project.
Additionally, to ease the projects works, the consortium has established an office in Egypt to easily coordinate with the Egyptian government to start conducting studies and implementation phases.
“Egypt is one of the most active and growing markets in Middle East and North Africa” said Peter Göpfrich, a Board Member of the Terra Sola. “It is considered attractive for German projects. Thus, Terra Sola and its partners are considering the project as main and important step in their strategies to upgrade firm’s global projects.” He added.
The solar plants project will directly and indirectly benefit Egypt as the project will bring US$3.5bn direct investments to the country and at the same time creating over 50,000 employment opportunities.
In the meantime, the plant is expected to create more than 1,500 job opportunities during the construction activities of phase I of the power plants, and additional 1,000 permanent job opportunities during the phase operational period.
The solar plants project will also boost the Egyptian economy in achieving balance between getting revenues from investors and enhancing the social and economic development for Egypt.
