Bahrain-based Terra Sola Ventures (Terra Sola), an investor and developer of solar power projects in the Middle East and North Africa (MENA) region, led by its subsidiary Terra Sola Egypt briefed His Excellency Major General Ahmed Abdullah, Governor of the Red Sea province in Hurghada, Egypt and outlined the implementation plan of worth $3.5 billion 2,000MWp Integrated Solar Power Project.
“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,” said, Mr David Heimhofer, Chairman, Terra Sola. He also highlighted the importance of Bahrain as a regional center for investment and commerce.
His Excellency Major General Ahmed Abdullah, Red Sea Governor, Egypt 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 a Memorandum of Understanding with the government of Egypt in March 2015. Today, the project is in an advanced stage of development with a ‘ready to go’ implementation plan to invest approximately USD3.5 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.
“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.
