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Thursday, 21 July 2016

Enel Green Power to exit feed-in tariff projects, close office in Cairo

Enel Green Power pulling out of Egypt? Italian renewable energy firm Enel Green Power reportedly informed the Electricity Ministry that it was backing out of feed-in tariff (FiT) projects worth USD 300 mn, industry sources tell Al Borsa and may shut its office in Egypt. These include a 50 MW solar power plant in Benban and two 100 MW wind power plants. Electricity ministry and company officials will meet next week to discuss the issue, a ministry source said. The pullout comes on the back of the dispute with the government over its insistence on domestic arbitration which has scared off foreign funding for the FiT projects. Excessive red tape was cited as another reason by sources for Enel’s departure. Enel Green is the second company to back out from feed-in tariff projects after Saudi’s Abdul Latif Jameel exited in April.

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