Masress : Electricity Ministry to increase value of cost-sharing agreement for solar energy projects by 30% due to flotation

Egypt's golf chief Omar Hisham Talaat elected to Arab Golf Federation board Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040 Egypt, India explore joint investments in gas, mining, petrochemicals Egypt launches National Strategy for Rare Diseases at PHDC'25 Egyptian pound inches up against dollar in early Thursday trade Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it Egypt launches 3rd World Conference on Population, Health and Human Development Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM Egypt's TMG 9-month profit jumps 70% on record SouthMed sales Egypt adds trachoma elimination to health success track record: WHO Egypt, Latvia sign healthcare MoU during PHDC'25 Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan Egypt releases 2023 State of Environment Report Egyptians vote in 1st stage of lower house of parliament elections Grand Egyptian Museum welcomes over 12,000 visitors on seventh day Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects Egypt repatriates 36 smuggled ancient artefacts from the US Grand Egyptian Museum attracts 18k visitors on first public opening day 'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo VS-FILM Festival for Very Short Films Ignites El Sokhna Egypt's cultural palaces authority launches nationwide arts and culture events Egypt launches Red Sea Open to boost tourism, international profile Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet 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 Madinaty Golf Club to host 104th Egyptian Open Egypt's PM reviews efforts to remove Nile River encroachments Al-Sisi: Cairo to host Gaza reconstruction conference in November Egypt will never relinquish historical Nile water rights, PM says Egypt resolves dispute between top African sports bodies ahead of 2027 African Games Germany among EU's priciest labour markets – official data Paris Olympic gold '24 medals hit record value It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game Russia says it's in sync with US, China, Pakistan on Taliban 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.

Electricity Ministry to increase value of cost-sharing agreement for solar energy projects by 30% due to flotation
Ministry decides it will not shoulder the burden of increased costs

Mohamed Farag Published in Daily News Egypt on 04 - 12 - 2016

The Ministry of Electricity intends to increase the value of the cost-sharing agreement for solar energy projects by 30% following the flotation of the Egyptian pound in November.
An official at the ministry said investors in the feed-in tariff scheme have paid two instalments of the cost-sharing agreement, with one instalment left.
Following the flotation, the prices of infrastructure equipment increased, and the ministry has decided to not bear the increased cost, but will impose it on investors, the official explained.
The cost-sharing agreement is one of the five agreements eligible investors are expected to sign to establish new and renewable energy projects. The cost-sharing agreement also involves the cost of connecting the planned solar power plants to the national grid and to the infrastructure in Benban, Aswan.
The official pointed out that the increase will be added to the final instalment of the agreement, which the Egyptian Electricity Transmission Company aims to collect from investors next month, especially as Xdegemac Company is nearing the completion of transformer stations in Benban, which will transfer the projects' electricity to the national grid.
The Ministry of Electricity signed the cost-sharing with 39 solar power companies, though 19 companies decided to exit the projects. The remaining 20 companies are still on the project timeline with one instalment left to pay.
According to the agreement, the investors will pay EGP 3,100 per MWh generated, which will be spent by the state to build roads to the project. Other aspects of this project carry different costs. The connection with transmission stations has been valued at EGP 583,000 per MWh.
The Egyptian Electricity Transmission Company has contracted with Xdegemac to establish four transformer stations to transfer the produced electricity from solar energy projects in Benban, Aswan to the national grid. The down payment for Xdegemac was funded by the fees collected from investors in the cost-sharing agreement.

Clic here to read the story from its source.