An official source at the Egyptian Electricity Ministry said that the renewable energy companies in the second phase of the Feed-in Tariff (FiT) program are set to discuss with the ministry the payment schedule for the companies’ projects, and the exchange rate at which they will be paid, Al Borsa informed.
The discussion may also include the possibility of raising FiT, which some solar companies have been calling for in light of increased construction costs following the EGP floating.
Thirty one companies are contributing to Phase II of the energy purchasing (FiT) program with investments of $3b to build solar and wind power plants with the capacity of 1,845 MW.
Only 23 out of the 31 companies plan to construct solar power plants with 1,295 MW capacities that will be divided into 970 MW from Benban plants, 180 MW from El-Zafarana, and 145 MW from the power plants located in the West Nile areas. Additionally, the remaining eight companies aim to establish wind farms in the Gulf of Suez with a total capacity of 550 MW.