Three firms are ready to sign energy purchasing agreements with the Egyptian Electricity Transmission Company (EETC) under Egypt’s phase I of the Feed-in-Tariff (FiT) program, among these companies are Total-Beltone Solar Venture and Spain’s Dhamma, reported Al Borsa.

Sources with the Egyptian Ministry of Electricity stated that Total-Beltone will sign an agreement with the ministry to establish a solar power plant in Gouna with a capacity of 50MW. Total-Beltone will not resort to foreign banks to secure the foreign currency funds, but it will self-funding the project. Meanwhile, the other two companies have arranged with banks to secure the required funds.

Several companies have pushed to sign FiT agreements before the end of October ahead of deadline for joining phase I set by Egyptian government.

Egypt Oil&Gas reported early October that the Egyptian State Council had authorized phase I of power purchasing agreements under the country’s FiT program. According, the government was ready to proceed in  drafting contracts with companies that had finalized their financial closure. However, the contracts would be sent to the Egyptian cabinet before being finalized.