EBRD Funds Renewable and Energy Efficiency Projects

In Clean Talk, Environment, News, Renewable Energy, Solar, Wind

The European Bank for Reconstruction and Development (EBRD) has announced several energy projects in Egypt, Morocco, and Serbia, including in wind and solar power as well as energy efficiency.

In Morocco, a solar photovoltaic plant was installed on a factory roof of confectionery company Maghreb Industries, with finance and assistance from EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC).

In Serbia, the EBRD and the International Finance Corporation (IFC) have co-financed the country’s largest wind farm with a €215 million loan to the 158 MW ‘Čibuk 1’ wind farm, which will contain 57 wind turbines and reduce CO2 emissions by more than 370,000 tCO2e. Expected to be completed in 2019, the installation will produce electricity for approximately 113,000 households and create 400 local jobs, while also contributing to local infrastructure development.

In Egypt, the EBRD has announced US$73 million financing for the construction and operation of three solar photovoltaic power plants, totalling 120 MW, within the planned 1.8 GW Benban solar complex in Egypt’s Aswan province. The three plants, co-financed by the Industrial and Commercial Bank of China (ICBC) with a matching loan that also benefits from support from MIGA (Multilateral Investment Guarantee Agency), are expected to contribute to reductions of 150,000 tCO2e per year.

Also in Egypt, the EBRD’s Egypt Sustainable Energy Financing Facility (EgyptSEFF) presented awards to the 11 most successful sustainable energy projects, marking the end of the scheme’s pilot stage which resulted in total annual savings of 93,000 tCO2e. Initially launched in December 2014 and implemented by National Bank of Egypt (NBE), EgyptSEFF was the first stage of a new EBRD Green Economy Financing Facility (GEFF) program. GEFF will provide loans for energy efficiency and small-scale renewable energy investments by private companies, aiming to improve competitiveness and contribute achieve energy security.

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