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Tuesday, 27 September 2016

Adenium-Triangle to withdraw from FiT phase one, will not take part of phase two

ANOTHER CONSORTIUM QUITS the feed-in tariff program? The Adenium-Triangle consortium is reportedly the latest to announce it is withdrawing from phase one of the feed-in tariff program, and it won’t sign-up for phase two, Al Mal claims to have been told by a source at Triangle. The consortium has failed to secure funding for its phase one project, blaming it on domestic arbitration clauses that resulted in many international funders opting out from the program. The firms reportedly held talks with EBRD, IFC, KfW Development Bank, UK Export Bank, as well as OPEC for the phase one funding. The consortium had announced last month that it looking to obtain financing from a UK bank for a USD 100 mn solar plant in Aswan under phase one.

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