Despite recent talks with the Minister of Investment, Dalia Khourshed, the Egyptian Minister of Electricity, Mohamed Shaker, maintained his position regarding funding and arbitration of solar projects, reported Al Borsa News.
During their discussion, Khourshed highlighted investors’ concerns regarding funding, with many firms struggling to find 85% in foreign investments for solar projects, as international banks do not agree to the domestic arbitration clause in Feed-in Tariff (FiT) agreements.
Shaker concluded that the ministry is finalizing the second phase of Egypt’s solar program, to be present to the cabinet of ministries. Furthermore, financial closures and final agreements with investors are being handled by the State Council, at this stage.
The meeting was attended by Electricity Deputy Minister, Osama Asran, Egyptian Electricity Holding Company CEO, Gaber Desouky, First Undersecretary of The Ministry of Electricity, Sabah Mashaly, New and Renewable Energy Authority CEO, Mohamed El Sobky, Chief of Egyptian Electric Utility & Consumer Protection Regulatory Agency, Hatem Waheed, Head of the FiT Unit of the Egyptian Electricity Transmission Company, Lamia Youssef, and Spokesman for Electricity Ministry, Mohamed Al Yamani.