As funding flows into solar power projects, Egyptera considers permanent license for FiT projects

International finance institutions, including the EBRD, IFC, and African Development Bank, agreed to preliminary funding approvals worth USD 400-800 mn for feed-in tariff (FiT) phase two projects, sources tell Al Borsa. The Arab Fund for Economic and Social Development will also provide USD 85 mn for a 50 MW solar power plant project in Kom Ombo, according to a statement. Separately, Sterling & Wilson, Shanghai Electric, TBEA, and two other unnamed companies were prequalified for a project to build a 20 MW solar power station, sources tell Al Borsa. This followed Norway’s Scatec Solar signing of a 25-year power purchasing agreement last week to supply energy from six solar power plants that have a combined production capacity of 400 MW. KPMG’s corporate intelligence practice said the Benban photovoltaic plant would be the world’s largest, if successful. This comes as the Egyptian Electric Utility & Consumer Protection Agency (Egyptera) will discuss tomorrow granting permanent licenses to solar power companies that have signed FiT agreements, Egyptera sources tell Al Borsa. The companies that will be granted the license include FAS Energy, Alef Solar, and Infinity Solar.