Cairo Solar’s CEO, Hisham Tawfik, stated that the Egyptian Ministry of Electricity reimbursed EGP 19.5m to the company, after it had withdrawn from country’s Feed-in-Tariff (FiT) energy purchasing program. The amount represents all the money Cairo Solar invested in two installments to link power projects to the national electricity grid, on the behalf of the Egyptian Electricity Transmission Company (EETC), reported Al Mal News. Cairo Solar also received its Letter of Guarantee, worth $30m. Accordingly, the company has completed its withdrawal from the FiT program.
Cairo Solar announced its decision to terminate its involvement in the program during September. The company cited the terms of FiT phase II in regards to Egyptian Arbitration and the percentage of foreign financing stipulations as the reasons behind its decision.
In related news, the Egyptian Ministry announced that it was ready to sign power purchasing agreements (PPA) under the terms of phase I of the country’s Feed-in Tariff (FiT) program. Accordingly, the ministry had invited 8 companies to sign within 10 days.