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Thursday, 11 August 2016

FiT producers to meet Shaker today

FiT sit-down today: Producers who have signed up under the feed-in tariff program for renewable energy will have a make-or-break meeting with Electricity Minister Mohamed Shaker today that will determine the medium-term future of the program after international lenders pulled packages — and most qualified producers bowed out of phase one. It was ostensibly a fight over international arbitration for any disputes arising under the system (the producers want it; the government doesn’t), but as we’ve previously explained, it’s got a lot more to do with the government having buyer’s remorse: It thinks it overpaid for contracts in round one. No more than 12 qualified companies are expected to close phase-one agreements by the 28 October deadline to be fully funded, making phase two critical to Egypt’s renewable energy ambitions.

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