EBRD New Energy Funds

The European Bank For Reconstruction and Development (EBRD) has announced a “ground-breaking” program to provide $250mn to private sector companies developing renewable energy projects in the four hydrocarbon-importing Arab Mediterranean countries where it is active – Morocco, Egypt, Tunisia and Jordan.

The money will be provided in the form of debt and equity funding for mainly wind and solar power projects. EBRD says that most of the produced electricity will be sold directly to private sector consumers “such as cement companies and hotel groups.”

Morocco’s proposed 120MW Khalladi wind farm near Tangiers is expected to be the first project funded under the scheme. EBRD has already provided $25mn to help fund the 24MW Ma’an solar photovoltaic (PV) plant in Jordan, and is considering a further $25mn of funding for 16MW of PV capacity at two sites nearby. (CONTINUED - 354 WORDS)