Press Releases

Egyptian Electricity Holding Company signs USD3.5bln MOU with Terra Sola Consortium

Egyptian Electricity Holding Company signs USD3.5bln MOU with Terra Sola Consortium

Sharm El Sheikh, Egypt:

The Egyptian Electricity Holding Company (EEHC), a joint stock company owned by the Government of the Arab Republic of Egypt, has signed a Memorandum of Understanding (MOU) with Terra Sola Consortium (Consortium) to assist the Egyptian government in developing the solar energy sector.

The Consortium comprises of Terra Sola Ventures (Terra Sola), a German-owned company headquartered in Bahrain that is an investor and developer of specialized solar power projects in the Middle East and North Africa (MENA) region, and Terra Nex Financial Engineering (Terra Nex), a Swiss wealth management company which specializes in asset management and venture capital activities.

The MOU was signed on the sidelines of the Egypt Economic Development Conference by the Chairman of the Board of Directors of Egyptian Electricity Holding Company Eng. Ahmed Moustafa Emam and Chairman of Terra Sola Mr. David Heimhofer who signed on behalf of the Consortium.

The Terra Sola Consortium plans to invest approximately USD3.5 billion to develop and build an integrated project of up to 2,000MWp solar capacity in various phases on a Build-Own-Operate-Transfer (BOOT) basis in Egypt.

 

THE TERRA SOLA PROJECT

The MOU confirms the mutually agreed upon roadmap for the development and implementation of a 2,000MWp European-technology driven solar power project that has been specifically designed for Egypt.

The Project includes the following four (4) major components:

    2,000MWp Solar PV Power Plants Program (PV Power Program):

    A multitude of Photovoltaic (PV) Power Plants reaching a capacity of 2,000MWp will be setup across Egypt by the Terra Sola Consortium to supply future demand power across the country

      Advanced European-technology manufacturing units:

      a) 200MWp Solar PV Module Manufacturing Factory (PV Module Factory) and b) an Inverter Factory

      The Terra Sola Consortium will invest in building a 200MWp Module Factory and an Inverter Factory to produce modules and inverters respectively to be used by the Project’s own solar power plants

        Human Capital Development Program (HCD Program):

        The Terra Sola Consortium, along with key European education and training organizations, will setup knowledge transfer initiatives through education, qualification and training programs for Egyptian nationals thereby enhancing their technical skills and capabilities in the increasingly significant solar energy industry

          Small and Medium Enterprise Entrepreneurship Fund (SMEs Fund):

          The Terra Sola Consortium will extend financial support to the existing Egyptian SME sector. The SMEs Fund will encourage young & ambitious entrepreneurs in Egypt in the fields related to PV technologies.

          Referred to as ‘the Project’

           

          BENEFITS OF THE PROJECT TO EGYPT

          The Terra Sola Consortium has specifically structured and formulated this Project to assist Egypt in meeting its national energy generation targets from renewables. Given the socio-economic nature of the Project, the Consortium firmly believes that the Project will positively contribute to the economy of Egypt while generating tangible benefits for the people of Egypt.

          The implementation of this Project will provide Egypt with the following direct and indirect benefits:

          • The development and implementation of 2,000MWp PV Power Program shall contribute approximately USD3.5 billion in Foreign Direct Investment (FDI) and create more than 50,000 jobs
          • Building a PV Module Factory and an Inverter Factory would create over 1,500 jobs during the construction period and sustain over 1,000 full-time operational jobs during the lifetime of the Project
          • The HCD Program is expected to support over 10,000 students and will substantially contribute to helping transfer European technology and knowhow to the local labor force of Egypt
          • The SMEs Fund will assist in the emergence of more than 1,250 small and medium size companies who will assume key roles in building a PV support industry in Egypt
          • The two Factories will make ‘German Technology Made in Egypt’ products and establish a platform for enhancing Egypt’s exports
          •  

            Mr. David Heimhofer, Chairman of Terra Sola, said:

            “I would like to extend my deepest gratitude to the entire governmental hierarchy of Egypt, in particular His Excellency the President Abdel Fattah El Sisi. I would like also specifically thank His Excellency Ibrahim Mahlab, Prime Minister of Egypt, and Dr. Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy, who have fully supported our Project. This MOU is a solid step forward in the government of Egypt’s efforts to develop the country’s solar energy capabilities and meet its future demand for power.

            “We are proud to consider Egypt as a key strategic market for investment and are committed to deploying our solar power expertise and financial resources to help ensure the Project’s successful execution and timely completion. This milestone Project will bring together solid European expertise including Swiss financial strength and German solar technical knowhow.

            “For our USD3.5 billion social value investment, success is measured by the amount of qualitative and quantitative change we can bring about to improve the quality of life for the people of Egypt.” concluded Mr. Heimhofer.

            ENDS

             

            For further information about the Project or the Consortium, please contact:

            Rohan Shanker

            Head of Corporate Communications

            Terra Nex Financial Engineering

            rs@terra-nex.com

            +41 41 723 23 62

            +973 3635 6585


            Over 50 German Investors Visit Kingdom to Explore Investment Opportunities

            Over 50 German Investors Visit Kingdom to Explore Investment Opportunities

            Manama, Bahrain:

            Terra Nex Financial Engineering (Terra Nex), a Swiss-based wealth management company, organized a delegation of over 50 high-net worth private and institutional German investors to visit Bahrain to explore investment opportunities in the Kingdom.

            At a special event organized by Terra Nex at the Capital Club in Bahrain Financial Harbor, the investors got a chance to meet with the Economic Development Board representative, Yousef Al-Khan, Manager, Intl Relations, Business Development, members of Bahrain’s business elite and dignitaries.

            David Heimhofer, Chairman, Terra Nex Group, welcoming the delegation to the Kingdom, he said, “Given Bahrain’s history as a banking and financial center for the region, we firmly believe that the Kingdom is one of the safest and most attractive GCC countries for investment.”

            “As managers of various German Private Equity funds from the fund family of Middle East Best Select, Terra Nex has currently invested across the GCC region, and especially in the Kingdom of Bahrain. In the past year, Terra Nex has already attracted significant investment into Bahrain and looking to continue on this success with this latest trip,” added Heimhofer.

            “Over the past year, Terra Nex has made considerable progress in, promoting, developing and investing in renewable energy projects across the MENA region and we plan to continue doing the same in the upcoming New Year,” concluded Heimhofer.

            As a part of the Island-wide tour, the group also visited tourist sites such as the National Museum, Bahrain International Circuit and Bahrain Fort.


            $2bn in solar energy investments to come to Oman

            $2bn in solar energy investments to come to Oman

            Musct, Oman:

            Terra Nex Financial Engineering AG Switzerland (Terra Nex), in collaboration with Middle East Best Select (MEBS) Group of Funds, has announced its plans for a major $2bn project to develop solar power resources within the Sultanate of Oman.

            Terra Nex, a Swiss licensed and global wealth management company that is specialized in identifying and developing investment opportunities in the Middle East, has developed an integrated solar energy project consisting of the local implementation of the entire value chain in the renewable energy sector.

            Solar power electricity generation stations are central to the project. The project aims to generate approximately 400MW. Industrial plants to manufacture the solar panels and aluminum frames to be used by the power station will also be established for local consumption and export.

            Knowledge and technology transfer is another critical aspect to the success of this project. The project aims to tie up with major international technology companies and international universities with expertise in renewable energy education, to help train the local population in service this bourgeoning industry.


            70 German investors to visit Oman

            70 German investors to visit Oman

            Muscat, Oman:

            A group of 70 German investors in Middle East Best Select Fund will visit the Sultanate of Oman on 15 January 2012 touring key sights and attending a high-level meeting led by Terra Nex Financial Engineering AG Switzerland (Terra Nex), a Swiss licensed and global wealth management company.

            Terra Nex has identified the Sultanate as a stable and attractive investment environment, and considers the renewable energy sector as one of the most promising growing sectors in the decade to come. Banking on this growth potential, Terra Nex has launched a specially designed renewable energy fund for its German investors, in cooperation with Middle East Best Select, to access Oman’s renewable energy sector.

            The German investor’s group will have the unique opportunity to gain first-hand information about the economic developments and investment opportunities in the countries they visit.