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Renewable energy investors call for presidential intervention - Daily News Egypt

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Renewable energy investors call for presidential intervention

100 international companies willing to invest $15bn if government expedites investment procedures


Renewable energy investors called upon President Abdel Fattah Al-Sisi to intervene in order to allow them to complete their projects in Egypt, such as the Siemens windmill and the feed-in tariff projects.

Investors told Daily News Egypt that over 100 international companies are ready to inject investments of up to $15bn, but are reluctant due to Egypt’s lack of vision and obstacles that slow the procedure down.

Investors pointed to the shoddy financial situation of the Egyptian Electricity Transmission Company (EETC) as one of the reasons Egypt’s procedures are slow. “Companies in the first phase of the feed-in tariff projects have not been announced, even though financial closure was submitted two months ago,” one investor said.

Moreover, the investors pointed out that the government should support new and renewable energy projects to diversify sources of electricity production through the issuance of the feed-in tariff law or by signing direct contracts that have not been implemented yet.

The Ministry of Electricity aims to maximise the portion by which renewable sources contribute to electricity grid in Egypt to over 37% by 2035.

The human resources director at Infinity Solar, Hisham El-Gamal, said that his company signed the power purchase agreement with EETC in the first phase but it has not been approved yet.

He explained that the German bank that funded the project imposes daily fees on the company even though the loan has not yet been utilised. “This causes hefty losses,” he added.

Head of the projects department at Desert Technology Mohamed El-Deley said that the procedures of implementing the renewable energy projects in Egypt are very slow. “They drive companies away,” he stressed.

El-Deley called for the intervention of the prime minister and the president himself to fulfil their ambitious plan of diversifying electricity sources.

 

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https://www.dailynewsegypt.com/2016/12/20/renewable-energy-investors-call-presidential-intervention/
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