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MENA: Important for all bidders pre-qualified under the Egyptian FIT

MENA: Important for all bidders pre-qualified under the Egyptian FIT

  • United Kingdom
  • Middle East
  • Africa
  • Energy and infrastructure - Clean energy

20-01-2015
Egyptian Government officials today confirmed a number of important points at a MESIA breakfast at the World Future Energy Summit in Abu Dhabi.

We wanted to make sure that you are aware of these as soon as possible.

If you have any questions, please feel free to contact us.

  1. Land rights will be allocated on a first come first serve basis to those bidders who have incorporated a company in Egypt and paid the grid connection deposit fee. Bidders will be advised what this fee is in the official notification to be sent to bidders shortly. Competition between bidders who meet this test at the same time will be determined by reference to similar project experience and other criteria.
  2. Developers that have joined more than one bidding consortium will have to choose one consortium to participate in if more than one is awarded land.

We are in the process of confirming how this affects consortia which the participant may exit.

Company incorporation assistance and discount

For those companies which have not yet incorporated an entity in Egypt, if you need any assistance with this please let us know. Our Cairo team will be delighted to help you.

We can offer a 20% discount on our standard incorporation fees in acknowledgement of the risk associated with securing the appropriate land from $5k to $7k down to $4k to $5.6k excluding expenses.

A company incorporation takes approximately 10 - 12 days commencing from receipt of all documents required by the Investment Authority (GAFI) followed by a further 4 - 6 days for registration at the Tax Authority and obtaining the Tax Card.

We have incorporated companies in a shorter time period but given the significance of the incorporation we would advise that you work to the above time lines. We will circulate the standard list of documents required by GAFI very shortly.

We can also provide you with a list of documents required for the incorporation process.

Eversheds was awarded ‘Legal Advisor of the Year’ and Michelle T. Davies was named ‘Solar Woman of the Year’ at the 2014 Middle East Solar Awards.

For more information contact

Michelle T Davies, Partner

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