Egypt’s Ministry of Electricity has accepted investors’ request for an extension to pay the third installment of the cost-sharing agreement for solar energy projects in Banban, Aswan, worth EGP 9m, which was due in June, Daily News Egypt reported. The payment of the remaining value will be postponed for 30 more days.

The first and second installments of the agreement were successfully paid by the investors and in order to guarantee that the remaining amounts will also be paid, the Ministry collected banking letters with the remaining value from the investors.

The cost-sharing agreement is one of five agreements that are being signed by investors in order to establish new and renewable projects in accordance with the feed-in tariff system. The agreement aims for the investors to participate in the expenses needed for linking the solar energy plants to the national grid and for infrastructure development in the Banban area.

Daily News Egypt added that each company that obtained land in the Banban area to establish a solar energy plant has paid approximately EGP 20m out of EGP 32m required for linking their plants to the national electricity network.