Terra Sola wins $3.5bn Egypt power contract

Bahrain-headquartered developer and investor of solar power projects Terra Sola Ventures (Terra Sola) has signed a memorandum of understanding (MoU) with the Egyptian Electricity Holding Company (EEHC), a joint stock company owned by the Egyptian government, for a project worth more than $3.5 billion to develop 2,000MWp of photovoltaic (PV) solar energy in Egypt.

Concurrently, Terra Sola has increased its capital by more than 35 per cent to reach a paid-up capital of $18.5 million.

This latest increase in capital has been sourced primarily from the European market and is a firm endorsement of Terra Sola's unique and profitable business model as well as underscores Bahrain's strength as a regional centre for business and finance.

The MoU was signed by Terra Sola chairman David Heimhofer and EEHC chairman Ahmed Moustafa Emam in the presence of dignitaries from the Egyptian government and senior management from Terra Sola and Terra Nex.