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The European Bank for Reconstruction and Development (EBRD) is considering loans worth $526mn for solar power projects in Egypt and Jordan, part of a growing EBRD program to support renewables investment in Arab Mediterranean countries. The loans are intended to help recipients achieve renewable energy targets while reducing reliance on hydrocarbon imports.
The bank is considering providing up to $500mn (€455mn) to 10-15 individual private developers to finance the construction and operation of solar photovoltaic (PV) projects of 20-50MW capacity in Egypt. EBRD’s decision to invest $500mn in Egyptian solar followed an earlier pledge to provide $250mn to private firms developing renewables capacity in Egypt, Morocco, Tunisia and Jordan (MEES, 4 December 2015). EBRD says the majority of the Egyptian solar projects will be built on a 37km2 plot allocated to the government’s New and Renewable Energy Authority (NREA) at Benban in Upper Egypt. NREA aims to develop a total 1.8GW of solar capacity at the site under Cairo’s feed-in-tariff program to stimulate private sector investment in over 4GW of wind and solar power.
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