(Ecofin Agency) - With Nubian and Wadi pulling out from Egypt’s project to build renewable energy plants, a total of 19 developers have abandoned the initiative. The two firms were awarded contracts to build a 50 MW and 20 MW solar power plants, respectively, Daily News Egypt reports.

Egypt’s renewable energy purchase progam was launched in 2014 and its goal was the development of 4,300 MW of solar and wind power stations. Estimated to cost around $7 billion, 56 companies were picked to take carry it out. The ministry of energy said the companies that pulled out will not be fined or sanctioned in any way.

Explaining their decision to take the back door, the concerned firms mentioned a lack of determination from the regulatory organ to solve all issues that might have emerged at the development stage, the devaluation of the Egyptian pound and cumbersome procedures.

Gwladys Johnson