FAS Energy, Infinite, Elf are the companies that qualified for FiT phase one

Law firm Riad & Riad says FAS Energy, Infinite, and Elf are the three companies that made the cut for the first phase of feed-in tariff (FiT) program, which we reported on last week. The six developers who did not qualify for first phase projects have been moved to the second, which comes with solar projects with capacities between 20-50 MW and a different financing structure. Riad & Riad is the legal advisor for FAS Energy. On a related note, the Egyptian Electricity Transmission Company formalized cost increases under the FiT cost-sharing agreement which we noted last month, raising it to EGP 955k per MW from EGP 583k per MW. Installments and payment schedule will be circulated by EETC soon and developers will be required to sign on the cost-sharing agreement amendments then, Riad & Riad said.