Renewable energy companies have started negotiations with foreign and domestic banking institutions in Egypt to finance the second phase of their feed-in tariff projects, a report said.

A total of 124 companies and alliances are proceeding to the second phase, chairperson of the New and Renewable Energy Authority (NREA) Mohamed Salah El-Sobky was quoted as saying in the Daily Egypt News report.

 Those are divided into 33 companies for wind projects, and 91 companies and alliances for solar power plants—all of which were included in the list of 136 eligible companies and alliances, he said.

NREA owns land in Zafarana and west of the Nile, which will be provided to companies wishing to obtain lands for inaugurating solar power and wind energy plants to produce electricity within the second phase of the feed-in tariff projects, he explained.

The second phase controls of the feed-in tariff projects stipulate that for solar energy projects, 70 per cent of the financing should be from foreign resources and 30 per cent from local sources. For wind energy projects 60 per cent of the finances should come from foreign financing resources and 40 per cent from local sources.