{"id":78,"date":"2017-03-06T23:55:00","date_gmt":"2017-03-06T23:55:00","guid":{"rendered":"http:\/\/127.0.0.1:8081\/?page_id=36"},"modified":"2017-03-06T23:55:00","modified_gmt":"2017-03-06T23:55:00","slug":"fit-program-benban-amendment-cost-sharing-agreement","status":"publish","type":"post","link":"https:\/\/riad-riad.com\/fit-program-benban-amendment-cost-sharing-agreement\/","title":{"rendered":"FiT Program in Benban \u2013 Amendment of the Cost Sharing Agreement"},"content":{"rendered":"<p>The Feed-in-Tariff Unit at the Egyptian Electricity Transmission Company (<abbr title=\"Egyptian Electricity Transmission Company\">EETC<\/abbr>) announced today to the developers in Round 1 and Round 2 of the FiT Program the estimated increase in the cost of the interconnection works at Benban site. This increase retunes to the free floatation of the <abbr title=\"Egyptian Pound\">EGP<\/abbr> which had its implication on the cost of the equipment and interconnection work.<\/p>\n<p>Interconnection works comprise of the energy interconnection infrastructure required to accommodate the capacity from renewable energy generated by all the facilities in Benban. It includes 4 substations, underground cables from the relevant substation to each of the land parcels serviced by the relevant substation and local monitoring center.<\/p>\n<p>According to the Cost Sharing Agreement (<abbr title=\"Cost Sharing Agreement\">CSA<\/abbr>) which was signed by each developer and both NREA and <abbr title=\"Egyptian Electricity Transmission Company\">EETC<\/abbr>, the cost of the interconnection works is determined for each developer by multiplying the MW capacity of developer&#8217;s facility by the rate of <abbr title=\"Egyptian Pound\">EGP<\/abbr> 583,000 (which was equivalent to <abbr title=\"United States Dollar\">USD<\/abbr> 66,000 calculated at a rate of <abbr title=\"Egyptian Pound\">EGP<\/abbr> 8.8 per <abbr title=\"United States Dollar\">USD<\/abbr>).<\/p>\n<p>The new rate that is announced by <abbr title=\"Egyptian Electricity Transmission Company\">EETC<\/abbr> today is increased to 955,000 (equivalent to 53,000 calculated at the current rate of <abbr title=\"Egyptian Pound\">EGP<\/abbr> 18 per <abbr title=\"United States Dollar\">USD<\/abbr>), which represents a 64% increase above the agreed cost (approximately 40% on top of the 25% contingency cap under the <abbr title=\"Cost Sharing Agreement\">CSA<\/abbr>).  Consequently, the share of a 50MW solar project in the interconnection work is increased to is increased to <abbr title=\"Egyptian Pound\">EGP<\/abbr> 47,750,000 instead of <abbr title=\"Egyptian Pound\">EGP<\/abbr> 29,150,000 under the old rate.<\/p>\n<p>Amended interconnection works installments and payment schedule will be circulated by <abbr title=\"Egyptian Electricity Transmission Company\">EETC<\/abbr> soon. Developers are required to sign the amendment to the <abbr title=\"Cost Sharing Agreement\">CSA<\/abbr> reflecting the new rates once circulated.<\/p>\n<p>In the meantime, developers of Round 1 and Round 2 had a meeting today to discuss the expected shared services needed for the collective management of Benban site (FM shared services) and the proposed common CSR study. It was previously suggested that FM shared services will be included under the <abbr title=\"Cost Sharing Agreement\">CSA<\/abbr>. Developers will form a board from among themselves to facilitate communication with the authorities, evaluate tenders and <abbr title=\"Cost Sharing Agreement\">CSA<\/abbr> study and supervise contract management. Elections for the members of the board is agreed to be held this week through electronic voting. Riad &amp; Riad attended the meeting representing FAS Energy, one of the few developers who succeeded to sign the project agreements for Round 1 for a 50 MW PV project in Benban.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Feed-in-Tariff Unit at the Egyptian Electricity Transmission Company (EETC) announced today to the developers in Round 1 and Round 2 of the FiT Program the estimated increase in the cost of the interconnection works at Benban site. This increase retunes to the free floatation of the EGP which had its implication on the cost of the equipment and interconnection work.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FiT Program in Benban \u2013 Amendment of the Cost Sharing Agreement - riad-riad.com<\/title>\n<meta name=\"description\" content=\"FiT Program in Benban \u2013 Amendment of the Cost Sharing Agreement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/riad-riad.com\/fit-program-benban-amendment-cost-sharing-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FiT Program in Benban \u2013 Amendment of the Cost Sharing Agreement - 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