Egypt to fine Saudi’s Fas for delay in Benban solar energy project

The Egyptian Electric Utility & Consumer Protection Regulatory Agency (Egyptera) has decided to fine Fas Energy, a subsidiary of Saudi Arabia’s Al Hokair Group, for a delay in completing a 50 MW solar power plant in Benban under phase one of the feed-in tariff program, sources close to the matter said. The agency wants to fine Fas USD 35k per day of delay, to be paid retroactively as of August, until the project is completed. The agreement stipulates that the Saudi company must pay USD 700 per MW for each day the project is delayed. Fas sources reportedly said the project would be complete and connected to the national grid within two months and that it would pay the fines.