Companies Withdrew from FiT

Companies Withdrew from FiT

The Egyptian Ministry of Electricity’s Under Secretary for Performance and Political Communication Development, Sabah Mashaly, stated that a total of 17 companies have withdrawn from the renewable energy Feed-in Tariff (FiT) program from both phase I and phase II, reported Al Borsa. The companies include Italy’s Enel Green Power, France’s Neon, KSA’s Abdul Latif Jameel Energy, Egypt’s Cairo Solar, Spain’s Dhamma Energy, Conrad-Canadian Solar, Innovation Unlimited Egypt, the UAE’s Adenium Energy Capital, and Orascom Telecom Media and Technology Holding.

On the other hand, Mashaly added that many companies are completing in the FiT program under the terms of the second phase of the program.

In related news, Egypt’s New and Renewable Energy Authority’s (NREA) CEO, Mohamed El Sobky, had stated that the Egyptian Cabinet approved Paris as a seat for international arbitration in phase II of the energy purchasing Feed-in-Tariff (FiT) program. He had added that the devaluation of the EGP represents an additional risk to FiT project. However, it would also encourage the inclusion of local components, as Egypt stipulated that 30% of FiT phase II projects be sources locally.

Sarah Samir 2538 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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