The Egyptian Prime Minister, Sherif Ismail, announced that the launch of phase II of the solar power purchasing Feed-in Tariff (FiT) program will on the  October 28th, at which date the new tariffs will be implemented, reported Al Borsa.

Sherif declared the new FiT, for consumption less than 500KW per hour, will be EGP 1.0288/kWh for residential consumption and EGP 1.0858/kWh for manufacturers. The new tariffs will be applicable for 12 months for solar energy and 18 wind. For consumption ranging from 500KW to 20MW per hour, the FiT will be $0.0788/ kWh and $0.084/kWh.

In related news, banks and international financial institutions had agreed to fund projects in phase II of Egypt’s Feed-in-Tariff (FiT) program after meeting the Egyptian Minister of Electricity, Mohamed Shaker. The financial firms had been waiting for the cabinet to announce the launch of phase II of the program in October, in order for to start negotiation with companies over the construction of wind and solar projects.