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Tuesday, 23 August 2016

Meeting between ministers of investment and power over FiT comes to nothing

Meeting between ministers of investment and power over FiT comes to nothing: Investment Minister Dalia Khorshid’s bid to put phase one of the feed-in tariff program back on track has ended. Khorshid had reportedly hoped to convince the Electricity Ministry to back away from its requirement that participating companies agree to domestic arbitration on any potential disputes and source 85% of their financing from international sources. Sources who attended a meeting between Khorshid and Electricity Minister Mohamed Shaker tell Al Borsa that the meeting ended with Khorshid appearing to have understood the insistence on domestic arbitration and not pushing to save phase one of the FiT program. Some 20 companies have said they are canceling or thinking of canceling solar power projects under the FiT regime.

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