An international consortium comprising Switzerland-based Terra Nex and Terra Sola, headquartered in Bahrain, signed on Sunday a memorandum of understanding (MOU) for establishing 2000-megawatts solar power plant in Egypt, according to a statement released by the consortium.
The project would cost USD 3.5 billion, the statement added.
The consortium and Egyptian Electricity Holding Company concluded the MOU on the sidelines of the Egyptian Economic Development Conference (EEDC), currently in session in the Red Sea resort of Sharm el Sheikh, the statement asserted.
The project would help develop the renewable energy sector in the country, the statement underlined.
Chairman of Egyptian Electricity Holding Company Gaber Desoky and Board Chairman of Terra Sola David Heimhofer inked the MOU.
Acting upon the MOU, the two parties are committed to developing an action plan to implement the solar-powered station with total production capacity of 2000 megawatts.