Egypt’s Electricity Minister Muhammad Shakir has backed down in accepting that contracts for renewables projects to be developed under feed-in-tariffs will be revised to enable international arbitration in settling contractual disputes.

While this will increase the likelihood of potential investors being able to raise finance to develop projects under Egypt’s 4.3GW wind and solar PV program, he has also reduced the attractiveness of solar projects by cutting electricity purchase prices. (CONTINUED - 267 WORDS)