The European Bank for Reconstruction and Development (EBRD) has allocated up to $500 million of 2016 funding to finance Egypt’s new solar energy program, Egyptian news agencies reported December 1.

Egypt has set a target of 20% of electricity from renewable sources by 2020 and aims to build up to 2 GW of utility-scale solar projects.

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The EBRD expects to finance several utility-scale plants and mobilize up to $1.5 billion in debt and equity from other financiers for these ventures. The total project cost is expected to be in the region of $4 billion.

The EBRD had already launched on November 3 a $250 million financing framework for private-sector renewable energy generation in Egypt, Morocco, Tunisia, and Jordan.

Source: CSP Today Quarterly Update