The European Bank for Reconstruction and Development (EBRD) is financing 16 new solar power plants with a capacity of 750 megawatts in Upper Egypt under the bank’s $500 million framework for renewable energy in Egypt, the bank announced in a statement Wednesday.
This makes the EBRD “the single largest investor in renewable energy in the country,” according to the statement.
The power plants are located in Benban complex, which is set to become the largest solar power complex in Africa when it reaches a capacity of 1.8 gigawatts upon completion.
The 16 plants are expected to reduce carbon dioxide emissions from fossil fuels by 900,000 tonnes every year, the EBRD said.
In October, the EBRD, the Green Climate Fund (GCF), the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector and the Dutch development bank FMO announced that they would provide $335 million in funding to support Norway’s Scatec Solar in building six 50 MW solar plants in Benban.
The EBRD also announced in September that it is providing a $28.5 million loan for the construction of a 50 MW solar plant in Benban.
The framework for renewable energy in Egypt was approved in June to finance renewable energy projects developed by the private sector in Egypt under the government’s feed-in tariff programme.
“The programme aims to stimulate private investment in over 4 GW of wind and solar power,” the June statement read.
Separately, the EBRD is providing a $52 million loan for the construction and operation of a 45 MW wind farm in Jordan, the bank said on Wednesday.