Cairo – Mubasher: The Egyptian Electricity Transmission Company (EETC) signed a $700 million worth investment agreement with 10 Egyptian and international solar companies to buy solar energy, each company to implement a solar power plant with a capacity of 50 megawatts.
This agreement is part of the second phase procedures of the feeding tariff projects, which includes 40 qualified companies for that stage, according to Al-Mal newspaper on Thursday.
These companies succeeded in achieving the financial closure, after negotiations with banks and funding agencies, including the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The qualified companies are currently negotiating with at least 12 international financing entities to raise funds before the end of October, Al-Mal said, citing unnamed sources at the ministry of electricity.
EETC has signed a loan agreement worth EGP 37 billion to finance the development and implementation of electricity transmission and distribution projects all over the country.
Banque Misr and National Bank of Egypt (NBE) to extend the repayment of the loans to 15 years with a grace period ranging from three and five years.
