Fichtner to Review FiT Phase II Agreements

Fichtner to Review FiT Phase II Agreements

The Egyptian Ministry of Electricity and Renewable Resources assigned German Fichtner to review the agreement of purchasing renewable energy from investors within the second phase of the Feed-in-Tariff (FiT) program before sending the agreement to investors, reported Daily News Egypt.

Sources with the Egyptian Electricity Transmission Company (EETC) stated that amendments to the FiT phase I were conducted. These amendments include the terms related to arbitration in case of dispute as well as the method of payment. The amendments further included the mechanisms and controls regulating the process of purchasing and selling energy.

Fichtner will finalize reviewing the agreements by early January. Accordingly, EETC will send the final draft to investors by the end of the month.

The sources added that the agreement will not be submitted to the State Council for review, as the State Council had already approved phase I of FiT and thus EETC was granted the authority to finalize the agreements and sign with investors.

In related news, FiT agreements for phase II stated that 60% of the financing of wind energy projects should be from foreign sources, while 40% should be from local sources. Furthermore, 70% of the financing of solar energy projects should be from foreign sources and 30% should be from local sources.

Sarah Samir 2747 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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