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Mon Jan 16, 2012, 07:40 PM

German funds plan $2 billion Oman solar project (400 MW)

http://www.reuters.com/article/2012/01/15/us-solarpower-oman-idUSTRE80E0HC20120115

Private investment funds Terra Nex of Switzerland and Germany's Middle East Best Select (MEBS) plan to build 400 megawatts (MW) of solar power generating capacity in Oman, the European investors said on Sunday.

Terra Nex, a wealth management company specializing in Middle East investment, and MEBS plan a 2-billion dollar integrated project to develop solar technology in the oil and gas exporting country, including facilities to manufacture solar panels for Oman and for export.

"Oman's stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project," David Heimhofer, chairman of Terra Nex, said in a statement.

"The government's aim to produce 10 percent of its energy needs from renewable energy resources by 2020 is laudable and this project will go a long way in making that vision a reality."

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