Egypt Approved International Arbitration for FiT Deals

Egypt Approved International Arbitration for FiT Deals

The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, stated that the ministry will approve international arbitration for the second phase of Feed-in-Tariff (FiT) solar power program, reported Al Mal News. Shaker added that disputed parties can refer to international arbitration if investors object to the rulings of the Cairo Regional Center for International Commercial Arbitration.

The Ministry of Electricity will sign 12-month development agreements with existing investors from the first phase of the program, contingent that contractors provide proof of funding approvals from banks within 6 months.

Furthermore, power purchasing contracts will be valid for 25 years, with 30% paid in US dollars according to exchange rates at the time of tariff specification, and 70% paid in EGP according to exchange rates at the time of payment, reported Al Borsa News.

Sarah Samir 3289 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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