Back to the complete issue
Monday, 22 August 2016

Ministers of investment, power meet to discuss FiT

Is Dalia Khorshid interceding on behalf of FiT investors? Investment Minister Dalia Khorshid met with Electricity Minister Mohamed Shaker to discuss ways around obstacles in feed-in tariff agreements that are scaring off investors in renewable energy. Among the sticking points: the state’s insistence on domestic arbitration and requiring that 85% of project funding be sourced from foreign lenders. The two also talked about phase two of the FiT program, the details of which are expected to be announced this week, Al Borsa reports. Neither ministry released an official readout on the meeting. As many as 20 companies have said they are canceling solar power projects under the FiT or are considering doing the same. As we noted yesterday, the backlash has reportedly prompted the Ismail government to considering allowing international arbitration.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.