The European Bank for Reconstruction and Development (EBRD) is boosting renewable energy in Egypt and Jordan.
Under the EBRD’s US$ 500 million framework for renewable energy in Egypt, the EBRD is financing 16 new solar power plants, making it the single largest investor in renewable energy in the country.
The 16 new plants are all located on a solar site near the village of Benban in Upper Egypt, the largest solar site in Africa. The new plants will have 750 MW of solar capacity and are expected to reduce carbon dioxide emissions by 900,000 tonnes a year.
The Bank is also providing a US$ 52 million loan for the construction and operation of a 45 MW wind farm in the Shobak region, 160 km south of Amman in Jordan.
To date, the EBRD has invested more than €3.7 billion directly in renewable energy, supporting 111 projects in 23 countries and funding more than 5.7 GW of capacity.
The project is supported by the Green Climate Fund, the SEMED MDA (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom) and the European Union.