Benban solar developers get EGP 300 mn reduction in cost-sharing bill: Solar power developers operating at the Benban solar power park have reached an agreement with the Egyptian Electricity Transmission Company (EETC) to lower the cost-sharing bill to EGP 1.6 bn from EGP 1.9 bn, the local press reports, citing unnamed sources at the EETC. Companies had previously agreed to pay the EGP 1.9 bn towards the costs of developing key infrastructure and utilities at the site, but appear to have lobbied the state-owned electricity company to lower the bill a second time. The EETC had last lowered the bill, which was originally priced at EGP 2.4 bn, in May 2019. The 32 energy developers at the park will pay the sum across six installments over a five-year period, a portion of which will not be charged interest.

The settlement should mark an end to the dispute dating back to last year when the EETC raised the cost-sharing bill by 25% due to higher-than-expected building costs, allegedly without notifying the developers. Companies refused to pay the increase on the grounds that they were not previously made aware of the scale of the financial obligations.

Advisors: Mazghouny & Co (LinkedIn) acted as legal counsel to the solar power developers.