New and Renewable Energy Authority (NREA) allocated around $440m for renewable energy projects in fiscal year 2017/2018 compared to $220m in 2016/2017.

Furthermore, NREA’s CEO, Mousa Omran, explained that NREA will execute 4 solar energy projects with 160MW of total capacity. Three plants will produce 20MW each and will be using photovoltaic, while the remaining plant will be working by the concentrated solar power system (CSP) with capacity of 100 MW, reported Al Mal News.

Omran further stated that the government does not have any intention to re-price contracts signed under the feed-in tariff program, as many renewable energy companies have been urging.

He pointed out that the current price of selling renewable energy to the Egyptian Electricity Transmission Company (EETC) is EGP 0.32, which increases annually according to the renewable energy variables.

In related news, the Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), Janet Heckman, had said that the bank is mulling a decision to finance five projects in the second phase of the Feed in Tariff (FiT) to begin in the second half of 2017.