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.

EGYPT: 2GW SOLAR PLAN

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)