Terra Sola Group has proposed a $3.5-billion investment into Egypt’s renewable energy sector. The investment is aimed at developing solar photovoltaic technology. The company’s chairman, David Heimhofer met with Egypt’s Prime Minister Ibrahim Mehleb and Minister of Electricity Mohamed Shaker to discuss the project, according to a cabinet statement.
The project is expected to generate annual revenues of $760 million, in addition to creating 20,000 job opportunities in the first year of operation.
Mehleb said the government has received several proposals in the solar energy field from international companies and a committee will be formed represented by concerned ministries, to study them.
Mehleb and Shaker recently met with officials from Skye Power to discuss the same topic.