Egypt's MSMEDA, Top 50 Women Forum sign protocol for Future Makers' Journey Initiative    Nile University president hails women's summit as platform for innovation, youth empowerment    Telecom Egypt chair calls for ethical framework to guide AI development    4th Egyptian Women Summit kicks off with focus on STEM, AI    Lead Woman Event Highlights Women's Leadership in Egypt's Energy Sector    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    Deli Group breaks ground on new factory in 10th of Ramadan City    UN rejects Israeli claim of 'new Gaza border' as humanitarian crisis worsens    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    Egypt reports sharp drop in waste burning incidents during autumn 2025    Servier Egypt launches Tibsovo as first targeted therapy for IDH1-mutated cancers    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egyptian Cabinet prepares new data law and stricter fines to combat misinformation    Egypt's exports rise 28.2% in September 2025 as trade deficit narrows    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt's Abdelatty urges rapid formation of Gaza stability force in call with Rubio    Blair dropped from US Gaza governance plan after Arab objections    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt joins Japan-backed UHC Knowledge Hub to advance national health reforms    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EETC demands solar power companies for third instalment of cost-sharing agreement
The cost-sharing agreement includes linking solar power plants with the national electricity grid, as well as the infrastructure of Banban area in Aswan.
Mohamed Farag Published in Daily News Egypt on 28 - 06 - 2016

Egyptian Electricity Transmission Company (EETC) has addressed solar energy investors in Aswan to pay the third instalment of the cost-sharing agreement worth EGP 10m for each company before 1 July.
The cost-sharing agreement includes linking solar power plants with the national electricity grid, as well as the infrastructure of Banban area in Aswan.
Hisham Tawfik, head of Cairo Solar Company, said the ministry is collecting the third instalment of the agreement, while the projects' fate is unclear after international financial institutions dropped the funding. He continued: "If we do not pay the third instalment of cost-sharing on time, the letter of guarantee will be liquidated."
Tawfik was astonished about the government's ignorance of the feed-in tariff projects after international financial institutions dropped the projects. He said that officials should meet with investors to reach appropriate solutions for all parties.
An official said the minister of electricity will meet with an official from a sovereign body next week, as well as a number of officials from different governmental bodies to review suggestions for feed-in tariff projects.
He added that investors have sought to meet the minister, "but [the minister's] busy schedule suggested otherwise," he noted.
The source said the minister received a report stating that 10 companies are ready to complete the projects and sign a power purchase agreement with EETC. The report said that the investors held talks with Egyptian banks to finance the projects, regardless of the item of arbitration.
Head of debt capital markets at the Commercial International Bank (CIB) Heba Abdel Latif said the bank agreed with two energy companies to finance their projects in Banban in Egyptian pounds, noting that CIB is negotiating with seven other companies.
She said that CIB will grant the companies loans in Egyptian pounds. However, she noted, companies seek US dollars to import equipment—which the bank is considering now.

Clic here to read the story from its source.