Solar companies aim to complete financial closure for their projects within 26 days, which is the deadline set for financial closure for projects in the second phase of the feed-in tariff venture. The companies also paid for their share of the cost-sharing contracts, leaving only the last instalment and the financial closure to complete all procedures. Ahmed Ayyad, a project manager at Philadelphia Solar, said that the power purchase agreement (PPA) was signed, while the company is completing financial closure this week. He added that if companies cannot complete the financial closure on time despite the signing of the purchase agreement, as it is a breach of commitment and contracts. He pointed out that companies are rushing to complete the financial closure despite the signing of the purchase agreement, especially as the Minister of Electricity announced not launching a third phase.

Source: Daily News Egypt October 01, 2017 15:11 UTC