Sources with the Egyptian Ministry of Electricity stated that nine companies, including Scatec, Infinity Solar, Alef Solar and IRC Solar, have finished their financial closure to sign with phase I of the energy purchasing Feed-in-Tariff (FiT) program, reported  Egyptian Electricity Transmission Company (EETC) CEO is revising the documents of each company to check that they are meeting the funding terms.

Meanwhile, the New and Renewable Energy Authority’s (NREA) Chairperson, Mohamed Salah El Sobky, stated that 124 companies will continue to phase II of the FiT. The companies are divided into 33 companies investing in wind energy and 91 companies investing in solar power plants, informed El Borsa in a separate report.

NREA offers land in Zafarana and west of the Nile for companies to establish solar power plant and wind farms to produce electricity during phase II. El Sobky said that the companies which secured land in the first phase will have a good chance in securing the required funds and finalizing the financial closure during phase II.