Fine is mounting up against FAS

The fine accumulated by Saudi developer FAS Energy for late delivery of a PV project in Egypt had reached $5 million yesterday, according to a report in the Daily News Egypt newspaper.

An article about the progress of projects at the Benban solar complex in Egypt – which was carried by the website – reported the fine is rising daily at a rate of $700 per megawatt per day for late delivery of the scheme, after FAS signed a deal to receive a FIT of $0.143/kWh generated under the first phase of Egypt’s feed in tariff. Read more