Three Companies Make It to FiT phase(1)

Three Companies Make It to FiT phase(1)

The Egyptian Electricity Holding Company chief ,Eng. Gaber El Dessouky, said that three companies out of nine made it to the first phase of the Feed-in Tariff (FiT) program. The rest of the six companies are to be considered for the second phase of the program, tells Al Borsa.

El Dessouky added that the nine companies were committed to the rules and regulations  of FiT phase one, which includes funding 85% of the project’s cost from foreign banks and 15% from national banks.  It also includes the purchasing price, which is $ 0.14 per kilowatt.

In addition, he explained that  the work in FiT phase two is going on while the companies shall submit letters from international banks informing that the latter approve funding the project, before the end of April.

It is worth noting that the terms of FiT phase two include, financing 70% of solar energy projects from foreign sources, and 30% from local sources.

Financing methods for solar energy projects include covering 30% of the tariff value based on the dollar price against the EGP at the time of issuing the tarrif, particularly at 8.88 EGP per Dollar, while 70% of the tariff value will be calculated according the dollar price against the EGP at the maturity date.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register