Hot on the heels of the long-awaited release of definitive guidelines on SPV incorporation (on which we reported on 7 April), the Egyptian Electricity Transmission Company has released discussion drafts of the major project documents proposed for Egypt’s renewable feed in tariff. This programme was launched at the end of 2014 and the first round of bidders was prequalified almost immediately thereafter. Those prequalified bidders are now gearing up to execute their projects – and it is becoming increasingly apparent that this will require them to move with some rapidity. (more…)
WE KNOW ENERGY®
Egypt’s Egyptian Electric Utility and Consumer Protection Regulatory Agency – EgyptERA – has issued its long-awaited guidelines on special purpose vehicle incorporation. These guidelines are identical to the draft guidelines on which we reported on 24 March.
As expected, the guidelines permit a prequalified developer to hold equity sufficient to build up to 100MW per substation and in each of the solar and wind programmes. It is understood that there will be four separate solar project substations and five separate wind project substations. Therefore, a single qualified developer could theoretically hold up to 400MW worth of solar projects and up to 500MW of wind projects in the programme. (more…)
The Federal Aviation Administration (FAA) has announced a new policy aimed at reducing the amount of time it takes for companies to deploy unmanned aircraft systems (UAS). Specifically, companies that have obtained a Section 333 exemption for a UAS will now receive a “blanket” Certificate of Waiver or Authorization (COA) for flights at or below 200 feet. In the past, once the FAA granted a Section 333 Exemption the exemption holder would also have to file for a separate COA to fly the UAS in a particular block of airspace. The COA approval process can take 60 days. This announcement comes on the heels of the FAA’s release of a proposed rule governing small UAS flights in the United States. A major component of the proposed rule that stakeholders have supported was the FAA’s introduction of alternatives to the COA process. (more…)
Egypt’s Egyptian Electric Utility and Consumer Protection Regulatory Agency is expected to issue long-awaited guidelines on special purpose vehicle incorporation. In recent days it has emerged that these guidelines will be more flexible than previously expected. This is expected to be particularly welcome news to prequalified developers interested in participating in multiple projects within the feed In tariff programme.
However, it is expected that the rules will require developers seeking to maximise their participation in the program to act quickly. (more…)
Alastair Young, Darren Spalding and Adam Waszkiewicz
The existing tax regime for exploration and production of oil and gas in the UK and UK Continental Shelf (“UKCS”) comprises three elements:
(i) Petroleum Revenue Tax (“PRT”) at a rate of 50% which is levied on profits from fields given development consent before 16 March 1993;
(ii) Ring Fence Corporation Tax at a rate of 30% levied on the post-PRT profit of companies engaged in oil and gas extraction activities; and
(iii) Supplementary Charge at a rate of 30% (with effect from 1 January 2015, prior to the 2014 Autumn Statement this was levied at a rate of 32%) which is levied on the post-PRT profit of companies engaged in oil and gas extraction activities, (more…)
Bracewell & Giuliani
On Thursday, 5 March, Bracewell & Giuliani, Shalakany Law Office and the Middle East Solar Industry Association hosted a webinar: Alternating Currents – the latest on Egypt’s Feed In Tariff for Renewable Power.
A distinguished panel discussed the FiT program and in particular, the guidelines on SPV formation and other issues just minutes after they were made available to prequalified bidders.
A recording of this webinar is available here.