(MENAFN) Bahrain-headquartered Terra Sola Ventures (Terra Sola) signed an MoU with the Egyptian Electricity Holding Company (EEHC) for a USD3.5 billion project to develop 2,000MW of solar energy in Egypt, Arabian Business reported.
The MoU confirms a mutually agreed plan for the development and implementation of the project which also includes the set-up of two European-technology manufacturing units for the production of photovoltaic modules and inverters.
Terra Sola is a part of consortium which also comprises Terra Nex Financial Engineering, a Swiss wealth management company that specializes in asset management and venture capital activities, a statement said.
"When we founded the company in 2010 in Bahrain, the idea was to build a MENA-wide business that traverses boundaries but is based in a stable financial environment," the chairman of Terra Sola said in a statement.
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