Karm Solar Company announced its endorsement of The Egyptian Ministry of Electricity’s FiT program and agreed to the Power Purchase Agreement terms in regards to domestic arbitration, reported Al Borsa News.

The company stated that it is ready to finalize financial terms, ahead of the government’s mandated deadline of October 26, with the aim of commencing project work to connect a 2 MW capacity power plant in Hurghada to the national FiT program, in collaboration with the Canal Company for Electricity Distribution.

Karm Solar Company sent a correspondence to the Egyptian Minister of Electricity, Mohamed Shaker, the Egyptian New and Renewable Energy Authority Chief, Mohamed Salah Al Sobky, and Canal Company CEO, Mohamed Al Sayed, to ensure that all necessary procedures move forward.