Egypt: Handful of solar projects advance

Out of the small number of developers that have persisted with projects under the first round of Egypt’s feed-in tariff (FiT) programme, about nine have reached financial close and signed power purchase agreements (PPAs) with Egyptian Electricity Transmission Company (EETC). However, it is possible that no more than five will be formally signed off by the Ministry of Finance. Developers considering whether to migrate their projects into round two of the programme under a cheaper tariff are still calculating the impact of the early November devaluation of the Egyptian pound. Others have withdrawn entirely having lost large sums, or are holding back until economic conditions improve.