Mazghouny & Co advises 32 Benban developers on the settlement of the EGP 1.6 billion CSA cost overrun claim of the Egyptian Electricity Transmission Company

Mazghouny & Co has assisted 32 solar power developers in Benban in connection with the settlement of the cost sharing agreement cost overrun dispute which had arisen with the Egyptian Electricity Transmission Company (EETC) over a year ago regarding the shared interconnection works in the site. Mazghouny & Co has drafted the settlement agreement and coordinated its review by the main project lenders – European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), their international and local legal counsel, and legal counsel to EETC, which is the projects’ sole off-taker and to the New and Renewable Energy Authority (NREA), which has granted the projects’ land.

The settlement is the positive outcome of months of negotiation of the commercial terms of the deal as well as of the draft agreement, to allow for its ratification by the Investment Committee for the Settlement of Investment Contracts Disputes and the Cabinet of Ministers, ahead of its execution by all developers, EETC and NREA.