Egypt Sets Tight Deadline On Renewables Tariffs

Egypt’s state electricity firm EEHC has set potential renewables investors a deadline of 8 October to accept revised terms for feed-in-tariffs. The Ministry of Electricity is looking to get its stalled 4.3GW renewables program back on track and is targeting financial closure by 27 October, according to financial daily Al Borsa News.

The ministry aims to meet international financing institutions quickly to persuade them to back investors. The institutions had baulked at the ministry’s original demand that contract disputes are settled in Egyptian courts. The ministry has relented, making international backing for projects possible, although the timeframe appears unfeasibly tight (MEES, 9 September). (CONTINUED - 102 WORDS)