An official at the Ministry of Electricity and Mineral Resources stated that the Egyptian Electricity Transmission Company (EETC) is ready to sign power purchase agreements with renewable energy companies under the Feed-in Tariff (FiT) program as soon as they reach financial closure of the projects, Al Borsa reported.

The Egyptian Finance Ministry approved  guarantees for the projects.

The exact increase will be specified in letters sent to companies in phases one and two  over the next couple of weeks, but will be no less than 35% .

In relevant news, Al Borsa informed that ten solar energy companies received 9 km2 lands in Benban Aswan to establish their energy projects under the FiT program. The companies received the lands after returning lands in Zafarana. This comes as the investors had submitted requests to the New and Renewable Energy Authority (NREA) to move their energy projects to Aswan after other companies had withdrew their offers.

The companies aim to establish renewable energy power plants with production capacity ranging between 20 and 50 MW.