OC fully withdraws from FiT phase two projects

Orascom Construction (OC) has fully withdrawn from feed-in tariff phase two projects entirely, Al Mal reports. Concessions Director Khaled El Degwy says the withdrawal is likely because the project is no longer financially feasible and that OC is ready to return the land it was allocated for a 50 MW solar power plant in Benban. The withdrawal is not because OC failed to secure funding, El Degwy says, as the company has already presented initial funding approval letters.