The Egyptian Ministry of Electricity and Mineral Resource reimbursed 10 companies that withdrew from the energy purchasing Feed-in-Tariff (FiT) projects in the city of Benban, Aswan, reported Al Borsa.
The withdrawing companies include Enel Green, Abdel Latif Gameel, Cario Solar Orascom, Wadi Degla, Adenium, and Solar Shams.
Sources with the Ministry stated that the amounts deposited by the 10 firms were paid in the letter of guarantee to the New and Renewable Energy Authority (NREA) in order to secure land plots allocated for building solar plants. The total amounts were $7.5m, with each firm receiving $750,000.
NREA further paid the companies EGP 1.6m as part of cost-sharing of the establishment of roads within the solar project areas at Benban.
This came as the Egyptian Electricity Transmission Company (EETC) also paid the withdrawer firms a reported EGP 97.9m to settle the amounts paid in the cost-sharing of the construction of transformer stations to move the energy produced from the proposed plants. EETC further paid at total of EGP 301 amounts stated in the letters guarantee letters submitted by the 10 companies.