Egyptian Electricity Holding Company Chief, Gaber El Dessouky, announced that three companies out of obtained the cut for phase one of the feed-in tariff (FiT) program, according to Al Borsa.
Law firm Riad & Riad legal advisor for FAS Energy announced the companies, namely: FAS Energy, Infinite, and Elf. The six developers who did not qualify for first phase have been moved to the second, which includes solar projects with capacities between 20-50 MW and a different financing structure.
Relevantly, the Egyptian Electricity Transmission Company formalized cost increases under the FiT cost-sharing agreement, raising it to EGP955k per MW from EGP583k per MW. Installments and payment schedule will be circulated by EETC soon and developers will be required to sign on the cost-sharing agreement amendments then, according to Riad & Riad.