Jordan’s Philadelphia Solar seeks to finalize the financial closure for its Egyptian power plant project in order to to join phase I of the country’s energy purchasing Feed-in-Tariff (FiT) program, reported Al Borsa.

Sources with the company stated that the Ministry of Petroleum did not invite Philadelphia Solar to sign for phase I due to the missing conclusion of the financial aspect. However, Philadelphia Solar is currently contacting energy companies and American banks to meet the project’s 85% financial stipulation.

In related FiT news, a source with the African Development Bank (AfDB) informed renewable energy investors that it will not fund projects under the terms of phase I of Egypt’s FiT program, according to a separate report in Al Borsa. However, the bank is considering to fund projects under  phase II of the program, pending further information regarding proposed tariffs.

Moreover, AfDB’s Resident Representative in Cairo, Leila Al Mokadem, stated that the bank’s executive board will vote on the country $500m loan by the end of November.