Egypt to sign FiT contracts for 8 projects

The Egyptian Electricity Transmission Company (EETC) is about to sign Feed in Tariff (FiT) contracts for eight solar projects. 

According to sources, the companies involved in the projects include Scatec Solar, Wadi Degla, Infinite Solar, FAS Energy, Irena, Alfa, Mag and Dahma. This companies have reached financial close of the projects under the terms of the FiT first phase.

The New and Renewable Energy Authority (NREA) has stated that those companies who failed to achieve the financial closure still have the opportunity to join the second phase of the FiT. Authorities intend to sign the contract for the first phase by October 26.

The FiT first phase scheme involves a US$0.143/kWh tariff for large-scale solar facilities and the condition that companies have to secure 85% financing from foreign financial institutions.

On the other hand, the tariff for the second phase decrease to USD 0.084/kWh and only a 70% of the financing to be arranged with foreign banks.