Infinity Solar proposed a bid to the Egyptian New and Renewable Energy Authority (NREA) to build a wind farm with capacity of 100MW in Gabal El Zeit area under phase two of the renewable energy purchasing Feed-in Tariff (FiT) program, reported Al Mal. Infinity Solar’s Administrative and HR Manager, Hesham Al Gamal, stated that the project’s investments are estimated at $200m. He added that the company was the first to apply on the second phase of the program.
Al Gamal added that Infinity Solar had also signed an agreement to construct solar power plant with a capacity of 50MW in Benban, Aswan under the terms of the first phase of the FiT program. The agreement stated that the production will be sold for EGP 0.14/kWh.
Sources with the Ministry of Electricity stated that Norwegian Scatec Solar proposed a bid to establish a solar power plant with a capacity of 50MW in Benban, Aswan under phase II of the FiT program with investments estimated at $100m. Furthermore, the ministry had received bids from 15 companies that are interested in participating in projects under the second phase of the FiT program with a totla capacity of 4300MW.
According to the terms of the second phase of the FiT program, investors should finalize financial closure within a year for solar projects and 18 months for wind projects. In solar projects, investors should secure 70% of funds in foreign currency, while in wind projects they should secure 60% of funds in foreign currency.