PM, Swiss Terra Sola discuss establishing $3.5bn-projects in Egypt

Egyptian Prime Minister Sherif Ismail meets Tuesday with Chairman of Swiss-based Terra Sola Ventures, David Heimhofer to discuss establishing solar power projects in Egypt.

Cabinet Spokesman Hossam Al-Qawish stated that Ismail and Heimhofer showcased  firm’s latest studies on building a 2,000MW-solar power plant and a factory for manufacturing solar panels with direct investments estimated at around US$3.5 billion.

The plant is set to be executed in various phases on a Build-Own-Operate-Transfer (BOOT) basis.

The projects are set to be established by The Terra Sola consortium that includes Terra Sola Ventures (Terra Sola), Swiss wealth management company Terra Nex, RWE New Energy, Hareon Solar Technologies, and a number of German tech companies including LTi ReEnergy.

The meeting was attended by Head of Egyptian New and Renewable Energy Authority (NREA).

During the meeting, Ismail asserted that Egypt made many achievements in electricity sector through establishing power plants, whether the traditional ones or those that depend on new and renewable energy, and raising capacities of electricity transmission grids, Qawish added.

The PM noted that the planned projects come as pursuant to government’s scheme to expand in using new and renewable energy.

On other side, Chairman Heimhofer said that the company held a number of meetings with Egyptian ministries of military production and electricity to coordinate and discuss all procedures necessary for executing the projects.