No more than 12 companies qualified under the feed-in tariff program for renewable energy are likely to participate in phase one, Reuters suggests, noting that while some players may exit the market, “others, along with international lenders, are now looking to phase two.” The newswire’s Lin Noueihed hits the nail on the head when she notes that “…the government was dragging out the process because it now judged the FiT as too high and was hoping to offer lower rates in round two. The cost of solar components has plummeted since Egypt set its current tariff, which applies only if companies close a deal by Oct. 28,” adding, “Since announcing its renewable plans, Egypt has also commissioned megaprojects from firms like Siemens, which dwarf FiT schemes and, analysts say, have sapped the urgency to push through.”

The Reuters article, the first significant international coverage of the collapse of phase one, also provides the first statement we have heard from Enel Green, one of the international companies exiting the project. "Continuous uncertainty from the local authority in managing the process as well as delays in assigning contracts, have lead EGP to freeze its business development operations in the country," said a company spokesperson.