Solar power companies accuse government of being slow to process pledge of shares agreement, delaying financial close

Solar power firms working on phase 2 of the feed-in tariff program are accusing the government of being too slow to process their share-pledge agreements with international lenders, sources close to the matter tell Al Borsa. The step is necessary for the companies to secure funding for their projects and reach financial close, the deadline for which expires on 28 October. Solar power companies had asked the Electricity Ministry for a two-week extension on their deadline earlier this month, after having complained about the slow pace of infrastructure development for their projects in September.