The European Bank for Reconstruction and Development (EBRD) will boost renewable energy in Egypt and Jordan by providing a total of $552 million in loans to both countries, the EBRD announced Wednesday.
According to the statement, under the EBRD’s $500 million framework for renewable energy in Egypt, the EBRD will finance 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 megawatts (MW) of solar capacity and are expected to reduce carbon dioxide emissions by 900,000 tonnes a year.
Additionally, the EBRD will also provide a $52 million loan for the construction and operation of a 45 MW wind farm in the Shobak region, 160 kilometers south of Amman in Jordan.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr