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Thursday, 27 July 2017

10 solar power companies sign PPA with EETC for phase two of the feed-in tariff program

Ten solar power companies have signed power purchase agreements with the Egyptian Electricity Transmission Company for solar photovoltaic projects under phase two of the feed-in tariff program, Electricity Ministry sources tell Al Mal. Each project is in the 50 MW range, with a total investment value across all projects of about USD 700 mn. The companies reached financial close with various international institutions, including the European Bank for Reconstruction and Development and the International Finance Corporation. Thirty other companies that qualified for projects under phase two of the FiT program are currently on the street lining up funding, for which they face an end-of-October deadline.

Meanwhile, Empower, Oceania, and FMC have presented financial proposals for waste-to-energy projects to the Environment Ministry at rates ranging from EGP 1.35-1.40 per kWh, Assistant Environment Minister Fatma Mohsen tells Al Borsa. Look for a tender for further contracts down the road. The Electricity Ministry had previously announced it would not be issuing a set feed-in tariff rate for waste-to-energy projects and would instead set the fees based on the offers investors present. The ministry had initially settled on an FiT of EGP 1.45 per kWh last month.

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