Back to the complete issue
Wednesday, 8 March 2017

FAS Energy, Infinite, Elf are the companies that qualified for FiT phase one

Law firm Riad & Riad says FAS Energy, Infinite, and Elf are the three companies that made the cut for the first phase of feed-in tariff (FiT) program, which we reported on last week. The six developers who did not qualify for first phase projects have been moved to the second, which comes with solar projects with capacities between 20-50 MW and a different financing structure. Riad & Riad is the legal advisor for FAS Energy. On a related note, the Egyptian Electricity Transmission Company formalized cost increases under the FiT cost-sharing agreement which we noted last month, raising it to EGP 955k per MW from EGP 583k per MW. Installments and payment schedule will be circulated by EETC soon and developers will be required to sign on the cost-sharing agreement amendments then, Riad & Riad said.

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.