The Egyptian State Council authorized phase I of power purchasing agreements under the country’s Feed-in-Tariff (FiT) program, According, the government is ready to proceed in  drafting contracts with companies that have finalized their financial closure. However, the contracts will be sent to the Egyptian cabinet before being finalized, reported Al Borsa News.

The Egyptian Electricity Transmission Company’s CEO, Gamal Abdel Rahim, stated that the contracts are expected to be signed within the coming few weeks as a committee is studying the requests to ensure that the companies are following agreed upon FiT terms and conditions.

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