EBRD Pledges $500mn For Egypt Solar After $250mn Punt On Med Renewables

The European Bank for Reconstruction and Development (EBRD) has raised the stakes in its Arab Mediterranean renewable energy investment program, with the announcement of $500mn of funding to be delivered in 2016 for Egyptian solar projects.

The news follows EBRD’s recent “ground-breaking” pledge to provide $250mn to private firms looking to build renewables projects in Egypt, Morocco, Tunisia and Jordan, beginning with the Khalladi wind farm in Morocco.


The bank says that Egypt aims to build 2GW of utility-scale solar generation capacity “as part of an ambitious target to secure 20% of electricity from renewable sources.” EBRD says the 2GW of capacity is expected to be built in around 40 projects of approximately 50MW each, as part of a strategy to increase Egypt’s renewables capacity by “mobilizing private sector investors.” (CONTINUED - 707 WORDS)