A total of 17 companies have withdrawn from the renewable energy Feed-in Tariff (FiT) program from both phase I and phase II.
Infinity Solar and Scatec Solar proposed building three renewable energy projects under phase two of the Feed-in Tariff program.
Construction companies and solar firms withdrew from new and renewable energy projects due to increased costs as a result of EGP devaluation.
Three firms are ready to sign energy purchasing agreements with the Egyptian Electricity Transmission Company (EETC) under Egypt's phase I of the Feed-in-Tariff (FiT) program.
The New and Renewable Energy Authority (NREA) will pay $750,000 to each company that withdrew from phase I of the energy purchasing Feed-in-Tariff (FiT) program.
The Egyptian Prime Minister, Sherif Ismail, announced that the launch of phase II of the solar power purchasing Feed-in Tariff (FiT) program will on the October 28th, at which date the new tariffs will be implemented.
The Egyptian Ministry of Electricity will hold a meeting with international institutions to discuss funding renewable energy projects.