The African Development Bank (AfDB) is considering financing three projects within the Feed-in Tariff (FiT) program in Benban, Aswan for $60m. The bank has allocated $18m and $20m worth of finances for each project in the electricity production plant that depends on solar power, Daily News Egypt Informed.
In addition, the bank is considering financing two projects, with one of them being in favor of Shapoorji and the other in favor of Al Cazar. According to the energy purchase agreement, a dispute took place between the Egyptian Electricity Holding Company (EEHC) and investors inside the Cairo Regional Center for International Commercial Arbitration on the possibility of taking arbitration to Paris, France if both sides agreed, according to Menafn.
It is worth noting that, Egypt’s government launched the feed-in tariff program for renewable energy in 2014, to establish projects that will produce electricity from solar and wind energy power with capacities of 4,300 MW. They include 2,300 MW allocated for solar energy projects, including 300 MW for plants of a capacity less than 500 MW, in addition to 2,000 MW for wind plants.