Eleven solar photovoltaic (PV) developers confirmed they will aim to reach a financial close under the first round of Egypt’s renewables feed-in tariff scheme, the Egyptian Electricity Holding Company has stated to MEED.

Developers were asked to submit financing plans on 30 June.

This followed the withdrawal of the Washington-based International Finance Corporation (IFC) and other development banks from financing projects under the scheme. The banks were unable to accept local arbitration only in the power purchase agreement (PPA).

The eleven developers aiming for financial close this year had already secured local finance, or could make alternate arrangements with local banks before the deadline, despite a higher cost of finance.

The first round developers are thought to include Norway’s Scatec Solar, Saudi Arabia’s FAS Energy, Alfanar, local Orascom Telecom & Media Technology (OTMT) and Wadi Degla Holding Company.

Two developers, of the 39 planning projects, pulled out completely. The remaining 26 developers who were allocated plots in time for the first round are now hoping to participate in the second.

Egypt’s Council of Ministers has not yet approved the tariff or conditions for participation in the second round.

Developers would like to see an option for international arbitration and guarantees on currency conversion in the PPA and a still-generous tariff.

MEED reported in mid-2015 that 31 solar developers had been allocated plots in Benban and Zafarana, with another eleven in the allocation process.

A further 21 developers are also on the waiting list for the second round, as they were slower to be allocated land plots in other locations such as Minya West Nile and on private sites.