The Egyptian Ministry of Finance plans to issue letters of guarantee for 30 solar energy firms under the terms of phase II of the Feed-in-Tariff (FiT) program, governmental sources told Al Borsa.

The letters are considered official guarantees to investors to ensure that the country is committed to pay their dues in case the Egyptian Electricity Transmission Company (EETC) was unable to pay them. Letters of guarantees are issued for projects launched by the government and operated by the private sector.

The projects are pending the issuance of the letters of guarantees to be submitted to funding banks in order to be able to start operations, especially as a huge number of firms started issuing the required licenses in order to generate electricity.

EETC have approved financial drafts submitted by the 30 firms and consortia to establish solar plants in Benban, Aswan, under the terms of phase II of the FiT program.