Further to the earlier extension of the deadline of 07 October to 21 October 2016, the Egyptian Electricity Holding Company (EEHC) has once more extended the deadline for the pre-qualified developers to confirm their position with respect to the feed-in tariff (FIT) programme to 27 October 2016 (deadline for Round 1). The developers must indicate whether:
- They will proceed with Round 1 on the basis of onshore arbitration and at least 85% foreign financing for solar projects and 70% for wind projects;
- Move to Round 2 on the basis of offshore arbitration seat (city not yet determined) and onshore venue, and at least 70% foreign financing for solar projects and 60% for wind projects; or
- Withdraw from the FIT programme and receive a refund of the amounts paid under the Cost Sharing Agreement (CSA) entered into with the Egyptian Electricity Transmission Company (EETC) without deduction of termination costs. The situation of the Payment Bond provided under the CSA and the letter of guarantee provided under the Memoradum of Understanding (MOU) for land access entered into with the New and Renewable Energy Authority (NREA) has not been clarified.
For further information, please do not hesitate to contact Girgis Abd El-Shahid or Donia El-Mazghouny.
