Spotlight on EBRD’s support to Egypt’s solar energy sector

Spotlight on EBRD’s support to Egypt’s solar energy sector

CAIRO – 4 October 2021: The European Bank for Reconstruction and Development (EBRD) reviewed Monday its effort in supporting the solar energy sector in several countries including Egypt. The EBRD clarified that it has supported numerous businesses and countries in their solar endeavors. “The Bank’s clients are at the forefront of the renewables revolution,” it noted. Regarding Egypt, The EBRD described Benban solar project as one of its flagship projects, describing it as the largest solar park in Africa and one of the largest in the world. “It extends over 37 km2 and will generate 1.5 GW, enough to provide renewable energy to more than 1,000,000 homes,” it stated. According to the EBRD, the bank is proud to be the main financier of this park, having supported 16 of the 32 plots. The project is supported by the Green Climate Fund (GCF), the EU and donors to the Southern and Eastern Mediterranean Multi-Donor Account (SEMED MDA) (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Spain, Taipei China and the United Kingdom). In Benban, the EBRD has also led the way in providing finance to roll out innovative bifacial panels, a product that is more efficient and achieves greater productivity