Egypt to Reimburse FiT Payments

Egypt to Reimburse FiT Payments

Sources with the Egyptian Ministry of Electricity and Renewable Energy stated that the New and Renewable Energy Authority (NREA) will pay $750,000 to each company that withdrew from phase I of the energy purchasing Feed-in-Tariff (FiT) program. These companies include Abdul Latif Jameel, Enel Green, and Orascom Telecom Media and Technology Holding (OTMT). Payments will start mid to late October 2016, reported Al Borsa.

The companies had paid said amount to NREA to acquire land necessary for the construction of a solar power plant at Benban, in the southern governerate of Aswan.

Egypt Oil&Gas reported earlier that Egypt had reimbursed EGP 19.5m to Cairo Solar after it had withdrawn from the country’s FiT energy purchasing program. The amount represented 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).

Sarah Samir 2531 Posts

Sarah has been writing in the oil and gas field for more than a year. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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