A fisherman travels on a boat on the river Nile in front of the South Cairo Electricity Distribution Company and power station (back), at the Imbaba area in Cairo, Egypt June 5, 2015. REUTERS/Amr Abdallah Dalsh
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When Egypt announced plans to develop renewable power in 2014, investors piled in, drawn by year-round sunshine and chronic electricity shortages. Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs. One such company is Italy's Enel Green Power, which prequalified in 2015 for one solar and two wind projects under Egypt's FiT schemes and entered a build-own-operate tender for a 250 megawatt wind project.A source from another consortium of foreign investors that prequalified for a solar FiT project said Egypt's insistence on domestic arbitration in any dispute had prompted a multilateral lender that was co-financing the project to withdraw.Egypt announced in 2014 ambitious plans to develop renewable energy, originally targeting 4.3 gigawatts of wind and solar projects to be installed over three years.The International Finance Corporation, an arm of the World Bank, said last year Egypt's renewable energy projects could require $8 billion in capital investment over the next four years, a significant opportunity for investors and lenders.Egypt had aimed to meet 20 percent of its energy needs from renewable sources by 2020, but has pushed that back to 2022 .
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