EBRD to help Egypt pivot towards solar

The European Bank for Reconstruction & Development (EBRD)’s board of directors has approved 13 loans to develop solar energy in Egypt, lessening its dependence on gas, writes Keith Nuthall. The projects are focused on Aswan Province and the total funding will be $500mn. The loans, which have been approved separately, include financing of $139.5mn for building three solar plants in Aswan, with a total output of 120 MW. A spokesperson told Petroleum Review: ‘Overall, the 13 plants will generate 750 MW capacity and are expected to achieve an annual reduction of 900,000 tonnes of CO₂ emissions in the country.’

The loans are ‘among the first utility scale solar and first private renewable projects to be implemented in Egypt and thus set an important precedent for further development, unlocking the country's substantial renewable energy potential,’ said an EBRD note.