The German-Swiss Terra Sola Ventures sealed a deal with the Egyptian government to invest $3.5bn in developing solar power projects in Luxor.
Following numerous studies and a complete survey on Middle East, in general, and Egypt, in particular, the company submitted its results to Luxor governorate, according to DPA- German News Agency.
DPA reported that Terra Sola’s studies show that solar power is the best, when it comes to economy and environment, adding that Egypt is the strongest Middle Eastern candidate for launching this vital economic sector.
Terra Sola proposed establishing 4 projects, each covering a main aspect of solar and other renewable forms of energy. On top of these come solar power module and inverter factories, and a 2000 MW solar power station.
The company plans setting up an investment fund to develop, train, educate and qualify young calibers. It will establish another fund as well allocated for supporting and developing small and medium-sized renewable energy projects in Luxor.
Moreover, Terra Sola’s studies show that these advanced comprehensive projects will cover all Egyptian needs to electricity, since they include developing more than 10 solar power stations, with a 200MW capacity for each. They are expected as well to create 50,000 job opportunities, in addition to training and qualifying over 10,000 workers and employees.
Terra Sola is a German- Swiss company that has been operating for 10 years in developing and managing renewable energy projects.
Although Egypt has been suffering for several years from power supply shortage- especially during peak consumption, it was able to attract huge investments to its energy sector in the last few months, consequently easing the crisis.
