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Thursday, 13 October 2016

Electricity Ministry invites companies to sign power purchasing agreement

The Electricity Ministry is ready to sign power purchasing agreements with ten companies under the terms of phase one of the feed-in tariff (FiT) program, unnamed sources tell Al Mal. These include Scatec Solar, Wadi Degla, Infinity, and FAS Energy. Phase one of the FiT program enforces domestic arbitration, requires 85% of funding for the project to be sourced in FX and 15% in EGP, but has a FiT rate of USD 0.14 per kWh for solar projects as opposed to USD 0.084 in phase two. Companies which have not yet declared whether to move to phase two have until 21 October. The Electricity Ministry has started repaying companies exiting the FiT program, reimbursing Cairo Solar with EGP 19.5 mn it paid under the cost sharing agreement, CEO Hisham Tawfik told the newspaper.

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