Terra Sola invests $3.5bn in solar power production in Egypt

Terra Sola, a Bahrain-based investor and developer of solar power projects in the region, is in talks with the Egyptian government to build solar plants generating 2 gigawatts of power and costing $3.5 billion, a report said.

The funding for the projects are expected to be raised through Germany.

The plants may be built in regions including Aswan and Luxor on the Nile and Salloum and Masrah Matruh on the Mediterranean coast, said the Gulf Times report.

The group, which began talks with the Egyptian government last year, comprises RWE New Energy, Hareon Solar Technologies, Terra Nex Financials and a number of German tech companies including LTi ReEnergy, added the report.

Switzerland-based Terra Nex is managing a fund comprising German investors to finance the planned projects, while Hareon will supply solar modules and RWE will help operate the plants.

Economy and Energy Minister Sigmar Gabriel said that German energy investments can help improve the living conditions in Egypt and avert blackouts that hurt companies and citizens, added the report.

Source: Trade Arabia