Nubian, Wadi Degla Withdrew from FiT Program

Nubian, Wadi Degla Withdrew from FiT Program

Wadi Degla has decided to totally withdraw from both phases of Egypt’s energy purchasing Feed-in-Tariff (FiT) program. Sources with the Egyptian Ministry of Electricity stated that Wadi Degla officially requested to withdraw early November and the request has been approved, reported Al Borsa.

Furthermore, Al Borsa separately reported that Nubian, an affiliate of the Desert Technologies Company, also requested to withdraw from the FiT program and returned the land plots allocated for the projects in Benban Aswan. A source with the Desert Technologies Company stated that Nubian withdrew came due to the lack of transparency in the projects.

Meanwhile, other two affiliates of the Desert Technologies Company, ARC and Falcon, signed FiT agreements. ARC signed a contract under the terms of phase I, while Falcon signed under the terms of phase II of the program.

Sarah Samir 2754 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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